want a self-employed during the tax year he had the following income and expenses grocer seats 80,000 advertising 1,000 office expense $300 rent 10,000 liability insurance 3000 bookkeeping fees 500 utilities 2000 business meals purchase that restaurants 1,000 what is Juan's net profit or loss for the tax year

want a self-employed during the tax year he had the following income and expenses grocer seats 80,000 advertising 1,000 office expense $300 rent 10,000 liability insurance 3000 bookkeeping fees 500 utilities 2000 business meals purchase that restaurants 1,000 what is Juan's net profit or loss for the tax year

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during the year: · Contribution to Roth IRA: $5,000 · Self-Employment Tax: $9,000 · Health Insurance Premiums: $3,000 What is Alex’s Adjusted Gross Income (AGI)? Group of answer choices $47,500. $51,000. $52,000. $52,500.
Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $35,300. How much Social Security and Medicare must he pay (in $) this year? Social Security $ Medicare $
YOU HAVE A MAXIMUM OF 3 CONTINUOUS HOURS TO COMPLETE THE 100 QU Question 72 of 100 Tori received the following during the tax year: • $5,000 wages • $2,200 in computer parts in exchange for helping run inventory at the ele • $300 credit for use on services from Township Spa and Massage $15,000 cash gift from her aunt and uncle What is the total amount Tori includes in gross income (IRC Section 67) for the year? 9 $5,000 $20,000 $22,500 $7,500
Ahmed is self-employed. He has a revenue of $170,000. His expenses for the year is $50,000. The following are the prevailing Income Tax slabs: Up to $9,525 10% $9,525 – $38,700 12% $38,700 – $82,500 22% $82,500 – $157,500 24% $157,500 – $200,000 32% $200,000 – $500,000 35% Above $500,000 37% If he received $12,000 in tax deduction, what is his taxable income for the year? How much did he pay in federal income tax?
Lou incurred the following business expenses during the year: Penalty for breach of business contract $3,200 State sales tax penalty for late remittance $2,500 Rent expense $6,000 Office supplies $450 Early withdrawal penalty on investment account at a savings and loan $185 What are Lou’s allowable current-year deductions? A. $6,635 B. $9,835 C. $12,150 D. $12,335
How much is the business tax payable?
Please help
Hansaben
The following information applies to the questions displayed below.] Haru is a self-employed cash-method, calendar-year taxpayer, who made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Haru has a 37 percent marginal tax rate. a. $500 fine for speeding while traveling to a client meeting. b. $800 of interest on a short-term loan incurred in September and repaid in November. Half of the loan proceeds was used immediately to pay salaries and the other half was invested in municipal bonds until November. c. $600 for office supplies in May of this year. Haru used half of the supplies this year, and he will use the remaining half by February of next year. d. $450 for several pairs of work boots. Haru expects to use the boots about 80 percent of the time in his business and the remainder of the time for hiking. Consider the boots to be a form of clothing.
Please help me
please answer within 30 minutes.
Carmen Reyes worked part -time last year while attending college and earned $4,288. The total withholding taxes she paid were $450. Carmen also earned $78 in interest and $16 in dividends. How much tax refund should she receive

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