Amount for the business and personal portion of the trip

Assignment Help Financial Accounting

Reference no: EM13777569

Kim works for a clothing manufacturer as a dress designer. She travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows;

Airfare $1,500

Lodging (8 nights) $1,920

Meals (8 days) $1,440

Airport transportation $120

[Assume that lodging/meals are the same amount for the business and personal portion of the trip (e.g., $180 per day for meals).]

a) presuming no reimbursement, how much can kim deduct as to the trip?

b) would the tax treatment of Kim's deduction differ if she was an independent contractor (rather than an employee)? Explain.

Reference no: EM13777569

Questions Cloud

Evaluated and rewarded on the basis of budgetary performance : Linda Ellis, division manager, is evaluated and rewarded on the basis of budgetary performance. Linda, her assistants, and the plant managers are all eligible to receive a bonus if actual divisional profits are between budgeted profits and 120 percen..

Cost of goods manufactured and the cost of ending balance : Victory Company uses FIFO process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 732,000 units of ..

Comments about her expectations for the business : Mary Helu and Randy Adams recently graduated from the same university. After graduation they decided not to seek jobs at established organizations but, rather, to start their own small business hoping they could have more flexibility in their persona..

What is the non-controlling interest balance : On January 1, 2014, Jannison Inc. acquired 90% of Techron Co. by paying $477,000 cash. There is no active trading market for Techron stock. Techron Co. reported a Common Stock account balance of $140,000 and Retained Earnings of $280,000 at that date..

Amount for the business and personal portion of the trip : Kim works for a clothing manufacturer as a dress designer. She travels to New York City to attend five days of fashion shows and then spends three days sightseeing. presuming no reimbursement, how much can kim deduct as to the trip? Assume that lodgi..

What is included in the markup : When using the variable cost concept of applying the cost-plus approach to product pricing, what is included in the markup?

Witness in numerous lawsuits involving accounting fraud : Dr. Werner is a full-time professor of accounting at Pelican University. During the year, he teaches continuing education programs for CPA groups in several cities. He also serves as an expert witness in numerous lawsuits involving accounting fraud. ..

Determine the amount of differential cost increase : A business is operating at 90% of capacity and is currently purchasing a part used in its manufacturing operations for $15.00 per unit. The unit cost for the business to make the part is $20.00, including fixed costs, and $11.00, not including fixed ..

Marketing research is a systematic process : Marketing research is a systematic process. It involves the process of gathering, recording, and analyzing data related to products and services. Identify three real life examples of marketing research that you have observed. Which of these three exa..

User Account

All Pages