What is amount of mike deduction for employment-related

Assignment Help Financial Accounting
Reference no: EM13139166

Mike incurs the following employment-related expenses in the current year:

Actual automobile expenses $ 2,500
Moving expenses (deductible under Sec. 217) 4,000
Entertainment expenses 1,500
Travel expenses (including $500 of business meals) 2,500
Professional dues and subscriptions 500
Total 11,000

Mike’s AGI is $120,000 before any of the above expenses are deducted. None of the expenses listed above are reimbursed by Mike’s employer. He has no other miscellaneous itemized deductions and does not use the standard deduction.

a. What is the amount of Mike’s deduction for employment-related expenses?

b. How are these items reported in Mike’s tax return?

Reference no: EM13139166

Questions Cloud

Brief review on christianity : Give and account of Christ like living from 1st Peter 1. How do we live as God's people? 1st Peter 2. How do we live in right relationship? 1st Peter 3.
Compute net investment for this project : The original cost of the first machine was $200,000 and the original cost of the second was $140,000. The firm’s tax rate is 40%. Compute net investment for this project.
What life was like for ordinary russian citizens in the 1930 : Historians have long wondered what life was like for ordinary Russian citizens in the 1930s and how they felt about it.
Find the p-value for a test of the school-s claim : It is found that among a random sample of 130 of the school's students, 32% of them plan to go into general practice. Find the P-value for a test of the school's claim.
What is amount of mike deduction for employment-related : He has no other miscellaneous itemized deductions and does not use the standard deduction. What is amount of Mike’s deduction for employment-related expenses?
Explain the conditions necessary for a hurricane : Explain the conditions necessary for a hurricane to form and the locations where they are most common. Describe their typical patterns of movement.
Amount of the deferred tax liability : Lyons company has a tax rate of 40% and income taxes payable of $72,000 at the end of 2010. There were no deferred taxes at the beginning of 2010. What is the amount of the deferred tax liability at the end of 2010?
Justify the use of a normal approximation : To estimate p, we use the proportion p-hat in the sample who answer "Yes." Justify the use of a normal approximation and find the following probabilities.
Utilise similar information sources : Utilise similar information sources that were utilised in Assignment 1.You may find some added benefit in obtaining information of the operations, and possibly any international activities, of major organisations in the two countries that are being c..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd