What is her deduction in 2013 after all limitations

Assignment Help Taxation
Reference no: EM13507350

Auto Expenses: Amelie is an employee who uses her personal automobile in connection with her job. During 2013, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. She reimbursed $0.30 per mile from her employer for her business miles and she makes an adequate accounting to her employer. During 2013, Amelie incurred the following actual expenses based on 100% business use that is, 28,000 miles:

Gas and oil$7,800

Repairs and maintenance 2,300

Depreciation 5,800

Insurance 1,440

Licenses and fees 300

$17,640

  1. Compute Amelie's deduction before the 2% of AGI floor if she uses the actual cost method.

  2. Compute Amelie's deduction before the 2% of AGI floor if she uses the standard mileage method.

  3. Assume Amelie used the standard mileage method in 2013. In addition to the automobile expenses above, she made several business trips and incurred the following travel expenses:

    Airfare$4,600

    Hotel 1,860

    Meals and entertainment720

    Taxi fees and tips280

    $7,460

None of the above expenses was personal in nature and she receive reimbursements from her employer of $4,476. If Amelie's AGI was $120,000, what is her deduction in 2013 after all limitations?

Reference no: EM13507350

Questions Cloud

What is the surface charge density on the plates : Each plate of a parallel-plate air-filled capacitor has an area of 0.0020 m2, What is the surface charge density on the plates
What is patnode current ratio at the end of 2004 : Kirby, Inc. records a sale with a gross margin of $1,400. Which one of the following statements correctly describes the effect of such a sale on its balance sheet?
What is the safest speed to go around the curve : A curve in a highway has radius of curvature 110 m and is banked at 3.4°. On a day when the road is icy, what is the safest speed to go around the curve
Explain what is the molarity of the base solution : Benzoic acid, C6H5COOH, is sometimes used to for the standardization of solutions of bases. A 1.722 g sample of benzoic acid reacts with 26.47 mL of a NaOH solution. What is the molarity of the base solution
What is her deduction in 2013 after all limitations : Compute Amelie's deduction before the 2% of AGI floor if she uses the standard mileage method and what is her deduction in 2013 after all limitations?
Explain a solution is made by taking in enough water : A solution is made by taking 54.62 g of K2CrO4 in enough water to make 250.0 mL of solution. The molarity of the solution is therefore
Discuss the profitability of the venture : Earth Baby Inc. (EBI) recently celebrated its tenth anniversary. The company produces organic baby products for health-conscious parents. These products include food, clothing, and toys.
Find at what angle was red riding hood pulling : On her way to visit Grandmother, Red Riding Hood sat down to rest and placed her 1.7-kg basket of goodies beside her. A wolf came along, at what angle was Red Riding Hood pulling
What is the amount dubois will receive : What is the interest rate, to the nearest percent, used in discounting this purchase transaction Assume the interest rate is constant over the entire investment.

Reviews

Write a Review

Taxation Questions & Answers

  Advise brain of the tax consequences arising from the sale

Advise George in each of the above situations as to his tax liabilities. Also advise him as to whether his receipts are income or capital on general principles.

  The rowdy fun is a limited partnership and was formed on

the rowdy fun is a limited partnership and was formed on june 1 2005 by thomas kyle its general partner and two other

  Advise leighton for income tax purposes

Fees related to the lodgment of Leighton's income tax return ($300) and the advice regarding the sale ($400). Advise Leighton as to whether the $700 paid to his accountant is deductible for income tax purposes.

  Find the amount of depreciation expense

Find the amount of depreciation expense that needs to be recorded at end of the first year if 710,000 units were produced?

  Advise sam on the legal issues arising

Advise Sam on the legal issues arising in relation to the contract between Sam and Giant Copper Ltd, and the television interview. Discuss any points the other parties may counter argue.

  Evaluate ms chan situation by referring to the six badges

Evaluate Ms Chan's situation by referring to the six badges of trade and advise on whether the gain will be subject to Hong Kong profits tax.

  Record the payroll entry and payroll tax entry

Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week.

  The short-run firm supply curve each of the subsequent

the short-run firm supply curve each of the subsequent situations could exist for a perfectly competitive firm in the

  Advise gordon and pamela about capital gains

Advise Gordon and Pamela about capital gains and income tax consequences and any effect that their son's tax treatment of the payment will have on them. You should discuss possible discounts and exemptions that may be available to them.

  Calculate the capital gain under the indexation method

Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit.

  Evaluate taxable income and the income tax liability

Evaluate taxable income and the income tax liability (before credits or prepayments) on a joint return

  Determines citrines taxable income for state

Prepare a schedule in Good Form that determines Citrine's taxable income for State X purposes and calculate the amount of Federal income tax, if any, for Repair Habitat and for Concrete Pour.  Show your calculation in good form.

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