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was paid to uired to pay equirement,

was paid to uired to pay equirement,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ly, 2023, In 2023 be res received a base salary of John secured employment as a commissioned salesman in July, 2023. In 2023, he $60,000, and $5,000 of commissions. A further $6,000 of commissions earned in December 2023 was paid to him in January, 2024. John worked away from the office negotiating sales contracts, and he is required to pay his own automobile and promotional expenses. His employer has signed a T2200 certifying that requirement, and certifying that no reimbursements are paid for any expenses John incurs to earn commissions. John incurred the following expenses from July through December 2023: Meals and entertainment for potential customers Driving expenses (90% of driving was for employment purposes): Fuel Insurance Repairs Automobile leasing expenses ($500 a month) $14,000 4,000 750 2,250 3,000 What is the maximum deduction John may claim for employment expenses in 2023? $5,000. O $9,000. O $11,000. O $16,000.
Transcribed Image Text:ly, 2023, In 2023 be res received a base salary of John secured employment as a commissioned salesman in July, 2023. In 2023, he $60,000, and $5,000 of commissions. A further $6,000 of commissions earned in December 2023 was paid to him in January, 2024. John worked away from the office negotiating sales contracts, and he is required to pay his own automobile and promotional expenses. His employer has signed a T2200 certifying that requirement, and certifying that no reimbursements are paid for any expenses John incurs to earn commissions. John incurred the following expenses from July through December 2023: Meals and entertainment for potential customers Driving expenses (90% of driving was for employment purposes): Fuel Insurance Repairs Automobile leasing expenses ($500 a month) $14,000 4,000 750 2,250 3,000 What is the maximum deduction John may claim for employment expenses in 2023? $5,000. O $9,000. O $11,000. O $16,000.
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