Problem 3-11 Travel Expenses, Educational Expenses (LO 3.4, 3.6) Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,150 in course fees for his continuing legal education in a different city. He also paid $354 for airfare and a hotel room and paid $234 for meals. What is the total amount he can deduct on his Schedule C related to these expenses?

Problem 3-11 Travel Expenses, Educational Expenses (LO 3.4, 3.6) Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,150 in course fees for his continuing legal education in a different city. He also paid $354 for airfare and a hotel room and paid $234 for meals. What is the total amount he can deduct on his Schedule C related to these expenses?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 19CE

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LO.2 What is the taxpayers gross income in each of the following situations? a. Darrin received a salary of 50,000 from his employer, Green Construction. b. In July, Green gave Darrin an all-expense-paid trip to Las Vegas (value of 3,000) for exceeding his sales quota. c. Megan received 10,000 from her employer to help her pay medical expenses not covered by insurance. d. Blake received 15,000 from his deceased wifes employer to help him in his time of greatest need. e. Clint collected 50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wifes employer.
Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.
LO.2 Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was 18,000 (300 per day). Medicare paid 8,500 toward the cost of her stay. Belinda also received 5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is 370. What is the effect on Belindas gross income?
Comprehensive Problem 6-61 (LO 6-1, LO 6-2, LO 6-3) (Algo) This year (2023), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,200 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $ 1,200 2,860 1,460 1,330 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income
Comprehensive Problem 6-61 (LO 6-1, LO 6-2, LO 6-3) (Algo) This year (2023), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,650 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program P $ 1,200 2,890) 1,490 1,345 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income
Larry purchased an annuity from an insurance company that promises to pay him $6,500 per month for the rest of his life. Larry paid $626,340 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $6,500 this month. Use the expected number of payments in Exhibit 5-1 for this problem. Problem 5-59 Part-c (Algo) c. What are the tax consequences if Larry dies just after he receives the 100th payment?
QUESTION 9 Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $1,000 500 3,400 1,500 650 950 8,500 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo?
Question 18 Mary is a 47-year old corporate attorney. She earns $225,000 per year and receives group term life insurance coverage equal to two times her salary from her employer. Asume the plan is not disciminatory. How much Section 79 income must Mary report this year? $26.25 $60.00 $720.00 $810.00 Use the following information to answer the next three questions: Your client reports the following details to you: Income from Job of $125,000 Reinvested Municipal Bond Interest of $7,000 Additional Dedicated Expenses of $56,000 ● ● ● Discretionary Expenses of $74,300 Monetary Assets of $150,000 Investment Assets of $100,000 Retirement Assets of $130,000 A Home worth $345,000 Credit Card Liabilities of $27,000 Other Debt of $98,000
Problem 3-16 (Algorithmic)Special Clothing and Uniforms (LO 3.8) Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $385 on uniforms during the year. His laundry expenses for the uniforms were $77 for this year, plus $58 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $220 this year. Her laundry costs were $66 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $110. a. How much is Cooper’s total deduction on his Schedule C for special clothing and uniforms?$fill in the blank 1 b. How much is Brandy’s total deduction on her Schedule C for special clothing and uniforms?
Question 7. Mario, who is single and elects to itemize, rents his mountain house for 210 days and uses it for personal use for 25 days during the year, not a leap year. Income and expenses associated with the property are: Rental income Mortgage interest payments Property tax payments Depreciation Utility payments Maintenance payments $ 24,000 12,000 8,000 7,000 5,000 4,000 If Mario is allowed a choice, Mario would choose to use the court approach to allocating mortgage interest and property taxes. Determine the amount of expense that Mario would deduct from AGI on his current year tax return associated with the mountain house. a) $32, 493 b) $8, 493 c) $851 d) $24,000 e) $2, 128
Travel Expenses, Meals And Entertainment, Educational Expenses (LO 3.4, 3.5, 3.6) Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,400 in course fees for his continuing legal education in a different city. He also paid $500 for airfare and a hotel room and paid $300 for meals, all of which were provided by the hotel's restaurant. Bob also purchased a $10 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses? X
Problem 5-65 (LO 5-6) Hortencia is employed as an accountant for a large firm in Denver. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2020, she incurred $6.925 in gambling losses and $5,610 in gambling winnings. Hortencia plans to Itemize her deductions in 2020 because she purchased a home this year and has mortgage interest expense. Required: What amount could she claim on her return for other Itemized deductions for the year? Claim