Donna owns and operates a dress shop
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Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)
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- Which of the following will result in the recognition of gross income? Gail's employer allows her to set aside $ 4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $ 4,300 for the year. Hannah purchases a new sofa from her employer, Sofas-R-Us, for $ 1,200. The cost of the sofa to the furniture store is $ 1,100 and the sofa normally sells for $ 1,700. Jayden's employer purchases her commuting pass for the subway at a cost of $ 225 per month. Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. None of the above will result in recognition of gross income.Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
- Katrina has wages of $161,000 in 2023. She also operates a small business that generated net profits of $10,000. What is Katrina's total self-employment tax? a. So b. $267.82 c. $290.00 d. $ 1,530.00Determine all items that will be included and excluded from gross income on Form 1040 based on the TCJA of 2018. List all included and excluded items in column A. In column B, explain why the item is either included or excluded. Form 1040, Schedule C, Schedule D, Schedule E, Form 8949 Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will claim head of household for 2018. She has a daughter, Julia, who is 20 years old. Julia is a full-time student. Here are some more tax facts: Jenny's SSN is 123-34-4567 and Julia's is 654-32-1234. Jenny's address is 100 N. Main St., Atlanta, GA 30301. Jenny receives $1,200 per month in alimony from her ex-husband. Jenny owns a rental property with the following financial data: Rental Revenue - $50,000 Expenses: Insurance - $5,000 Repairs - $10,500 Depreciation - $4,000 Jenny has interest income from corporate bonds of $2,200 and interest from municipal bonds…during 2017, Regina, a sole proprietor, had the following income and expenses from herhome jewelry business. Regina is also employed as an office assistant at a local business. W-2 wages from employer$28,000 Proceeds from jewelry sales15,000 Supplies for jewelry5,000 Travel for jewelry1,400 Charitable contributions to church3,000 a.What income or loss should be reported on Schedule C? b.What is Regina's AGI?
- 1. Aaron owns and operates a shipping business. He had gross income of $ 345,00 and expenses totaling of $ 150,000. Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year 2020. - $ 17,075 - $ 22,297 - $ 27,553 - $ 29835Subject :-- Accounting Melissa is a mechanic. She runs her own business specialising in repairing electric vehicles, especially cars. This year her company has some expenses. Referring to relevant provisions of the Income Tax Assessment Act 1997 (Cth), Income Tax Assessment Act 1936 (Cth) and case laws, discuss the following amounts are deductible or not: (Maximum 800 words) a) She spends travel cast from her home to her repair centre regularly. In this process, she spent a total travel cost of $3,200 this year. b) A staff who works in the repair centre paid a $1,080 fine for speeding a car that he was driving in the process of servicing and repairing. c) Legal expenses incurred by a company opposing a petition for winding up. The company paid $ 11,000 for lawyers and court fees.Taxation question Auto Expenses. Amelie is self-employed and uses her personal automobile in connection with her business. During 2019, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. During 2019, Amelie incurred the following actual expenses based on 100% use, that is, 28,000 total miles: Gas and oil $7,800 Repairs and maintenance 1,200 Depreciation 5,800 Insurance 1,440 Licenses and fees 300 Total $$16,540 a. Compute Amelie’s deduction if she uses the actual cost method. b. Compute Amelie’s deduction if she uses the standard mileage method. c. Assume Amelie used the standard mileage method in 2019.
- In July 2021, Cassie purchases equipment for $55,000 to be used in her business. Assuming Cassie has a small net loss from her business prior to the deduction, what is the maximum amount of cost recovery Cassie can deduct? a. $55,000 b. $7,860 c. $27,500 d. $31,430Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.Please do not provide answer in image formate thank you. Qualified Business Income (QBI) Jim and Jane (married) own a carpet cleaning business. Jim and Jane both work full time in the business. The business had ordinary income of $180,000 in 2022. The couple earns $1,800 in interest income during the year. Their Standard Deduction for purposes of their tax return is $24,800. What is the QBI deduction in 2022?