Helen invested $5,000 on a new computer for her company. She uses the computer for business 35 percent of the time and for personal purposes 65 percent of the time. what is the business cost of the computer she uses to calculate her Section 179 deduction
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Helen invested $5,000 on a new computer for her company. She uses the computer for business 35 percent of the time and for personal purposes 65 percent of the time. what is the business cost of the computer she uses to calculate her Section 179 deduction?
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- Bonnie spent $5,000 on a new computer to use in her business. She uses the computer 35% for business and 65% for personal purpose. the business cost of the computer she uses to figure her allowable Section 179 deduction is?Candace uses an office in her home exclusively for her business. The business use of the home is 100 square feet out of 2,000 square feet for the entire home. The total expenses to allocate are $3,000. Candace wishes to maximize her deduction in the current year. What is the amount of her home office deduction before any income limitations?Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Depreciation $1,500 Utilities 500 Real estate taxes 325 Mortgage interest (100 percent deductible) 500 a. Assume that Cindy earns income of $4,400 from her business for the year before deducting home office expenses. She has no other expenses associated with the business. Calculate Cindy's deduction for home office expenses. b. Assume that Cindy earns income of $2,600 from her business during the year before deducting home office expenses. Calculate Cindy's deduction for home office expenses.
- On July 15, 2018, H.P. purchases a personal computer for his home. The computer cost $4,000. H.P. uses the computer 60 percent of the time in his business, 15 percent of the time for managing his investments and the remaining 25 percent of the time for various personal uses. Calculate H.P.'s maximum depreciation deduction for 2018 for the computer, assuming he does not make the election to expense or take bonus depreciation.On February 22020, Alexandra purchases a personal computer. The computer cost $2,200. Alexandra uses the computer 75 percent of the time her accounting business, and the remaining 25 percent of the time for various personal uses Calculate Alexandra's maximum depreciation deduction for 2020 for the computerassuming half-year convention and she does not use bonus depreciation or make the election to expense.Ginny is an accountant by trade, she paid $1,000 each year to join as CPAmember. She also has a knack for programming; hence she also joins theComputer Associates membership for $500 per year as she planned to find a newcareer as a programmer. Discuss her eligibility whether she can deduct bothmembership fees from her assessable income!
- Elsie had an AGI of $105,000 in 2018. All of her income was from wages. Elsie owned a rental house and actively participated in the management of the rental house. The rental house generated losses of $25,000 in 2018. Elsie has over $100,000 at risk. What amount of the $25,000 loss can Elsie deduct in 2018?Kim earned $30,000 from Pfizer before she was laid off. She then collected $7,000 of unemployment benefits. Finally, Kim received a $12,500 scholarship for tuition so she could return to college to earn a microbiology degree. How much does Kim need to report as income on her tax return?a. What amount of these costs can Melissa deduct as business expenses? b. Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,100 for transportation, $800 for lodging, and $355 for meals during this part of her trip, which she considers personal in nature. What amount of the total costs can Melissa deduct as business expenses? c. Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense? d. Suppose that Melissa's permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $380 for the registration fee. She drove 182 miles over the course of three days and paid $183 for parking at the conference hotel. In addition, she spent…
- Sydney qualifies for the home office deduction. Her office is 240 square feet and her entire home is 3,000 square feet. She earned a net profit of $2,500 from her business before deducting any home office expenses. During the year, she paid $9,600 of mortgage interest, $1,200 of property taxes, $800 for homeowner's insurance, and $2,400 for utilities. The home was purchased 5 years ago for $180,000 (excluding the cost of the land) and has been used as a home office every year since purchase. Sydney chooses the actual expense method for computing her home office deduction. What is the amount of her home office deduction for the year? (MACRSNepreciation % is 2.564%) O $1,644 O $5.735 O $1.489 O $2,500 O $1,120Joe quits his computer programming job, where he was earning a salary of $60,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $27,000 per year. In his first year of business he has the following expenses: salary paid to himself, $35,000; rent, $0; and other expenses, $25,000. Find the accounting cost and the economic cost associated with Joe's computer software business. (Enter numeric responses using an integer.) The accounting cost of Joe's business is $| -(Enter your response as an integer.)Gino is a computer programmer who earned $ 45,000 in 2019. But on January 1, 2020 he opened a landscaping business. At the end of 2020, Gino submitted the information listed below to his accountant. Use the question facts to calculate Gino's opportunity cost of production and economic profit. Gino stopped renting out his cottage for $ 3,500 a year and used it as his business premises. 1. The market value of the cottage increased from$ 92,000 to$ 98,000 2. 3. He spent $ 30,000 on materials, phone, utilities, etc 4. He leased machines for $ 15,000 a year. 5. He paid $ 15,000 in wages. 6. He used $ 5,000 from his savings account, which earns 5 percent a year interest. 7. He borrowed $ 20,000 at 10 percent a year from the bank. 8. He sold $ 240,000 worth of landscaping. 9. Normal profit is $25,000a year.
