Essay on Tax Hw

1021 Words Feb 19th, 2015 5 Pages
Tax HW6
30. $240*33mil=$7,920*0.56=$4,435

35. Airfare $1,500 Lodging $1,920* (5/8)=$1,200 Meals $1,440*(5/8)=$900/2=$450 Trans $ 120 Total $3,270

37. a. When the number of “business days” is greater than the number of "personal days" your travel is generally considered primarily for business. The IRS also gives you a break when counting the number of days spent on business by allowing you to count travel days as business days.
b. While on a business trip, if you engage inn on-business-related activities, the IRS does not require you to prorate transportation costs incurred to and from your main destination. However, this does not include any extra, non-business-related days
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$6,600+$1,500+$1,700+$1,100+$200+$300=$12,632
a. 50% of what Elijah spend on meals is deductible, so his meal deduction would be $1,100. The expenses that qualify as a deduction for AGI would be the tuition. The rest would fall under deduction from AGI. Tuition is considered a business related expense so it is listed as an itemized deduction.
b. Mileage is calculated using the business mileage rate. For tax year 2014, the rate is 55 cents. The dollar amount on Elijah’s mileage deduction is $880. There are none that are deductible for AGI. The expenses that qualify as a “from AGI” deception are as follows: Books and course materials, Lodging, Meals, Laundry and dry cleaning, and Campus parking.

42. a. for: 4,000 from: 0 because it's qualifying her for a new job
b. for: $2,400 from 0
c. Answers: $0; $0.
No deduction is allowed under § 222, since § 222 does not apply to married persons who file separately. There would be no deduction allowed from AGI either, because the educational activity is not just for maintaining and improving existing skills but rather will qualify her for a new trade or business.
d. Answers: $0; $0.

43. $1,800*12=$21,600
Lodging $10,000
Meals $7,000*80%=$5,600
Trans $500
Uniforms $1,300+$400+$1,500
Total $19,300

44. Cost of seats ($250 x 20)

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