1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
almond37 [142]
2 years ago
12

In 2021, Robert takes four key clients and their spouses out to dinner at a local restaurant. Business discussions occurred over

dinner. Expenses were $700 (drinks and dinner) and $140 (tips to servers). If Robert is self-employed, how much can he deduct for this event
Business
1 answer:
Zepler [3.9K]2 years ago
8 0

The amount deductible by Robert for year 2021 against the meal and entertainment expenses will be 50% that is $420 from the total expense amount of $840.

<h3>What is business deductions?</h3>

The business deductions are the amounts those are allowed to be deducted while filling the income tax. There is certain criteria to deduct different expenses.

As per the IRS regulation, when the tax payer is self-employed then the amount that can be deducted against meal and entertainment can be 50% of the total expense.

Therefore, Robert can deduct only $420 from the taxable income.

Learn more about business deductions, here:

brainly.com/question/13870330

#SPJ1

You might be interested in
In 2019, the CEO of Crimson, Inc., entertains seven clients at a skybox in Memorial Stadium for a single athletic event during t
hram777 [196]

Answer:

Crimson may not be able to deduct any of the cost incurred. In other words these expenses are inadmissible.

Explanation:

As per scenario given in the above question, Crimson Inc., may not be able to deduct any cost which is incurred related to the entertainment expenses because many changes has been made in the tax cuts and Jobs act,2017. These changes does not allowed deduction of the entertainment and business meals expenses.

In the year 2018, the entertainment expenses could not be deducted according to the tax laws applicable on the companies. Thus, the costs will not be deducted.

4 0
3 years ago
A primary market would be utilized when:
babymother [125]

Answer:  Option C

Explanation: Primary market refers to the market in which the securities are sold to the general public for the first time by the companies. In simple words, the initial public offering process takes place in such markets. The securities could be of any type whether debt, equity or preference.

The market in which existing securities are bough and sold is called secondary market. And the commission is paid in both secondary and primary market.

Hence the correct option is C.

7 0
3 years ago
A quality control activity analysis indicated the following four activity costs of an administrative department:
Doss [256]

Answer:

total sales are the internal failure costs is 2%

Explanation:

given data

form to reduce errors =  $15,000

customer complaints = 75,000

Verifying = 30,000

Correcting errors = 60,000

Total = $180,000

sales = $3,000,000

to find out

total sales are the internal failure costs

solution

we know here that internal failture cost is express as

internal failture cost  = correcting error in form   ...........1

internal failture cost  =  $60000

and

internal failture cost as % of total cost is here as

internal failture cost to sale = \frac{internal\ failture\ cost}{sales}   .......2

internal failture cost to sale = \frac{60000}{3000000}

internal failture cost to sale = 2%

so total sales are the internal failure costs is 2%

3 0
3 years ago
In response to intensive foreign competition, the management of Florex Company has attempted over the past year to improve the q
SVEN [57.7K]

Answer:

oh ok i understand

awnser down here: <3

Synonyms:complicated, difficult, complex, elaborate, confused, confusing, incomprehensible, intricate, contorted, involved

Antonyms:straightforward, simple, make sense, understandable, intelligible, apparent, easy, evident, clear-cut, manifest

Entry:decadence

Synonyms:indulgence, self-indulgence, sybaritic, epicurean, extravagance, weakness, fun-loving, for fun, for a laugh

Entry:evil

Synonyms:the Devil, satanism, black mass, the forces of darkness​/​evil, satanic, Old Nick, horn, Satan

Entry:two-edged

Synonyms:mixed, patchy, spotty, mixed blessing, six of one, (and) half a dozen of the other, a double-edged​/​two-edged sword, work both ways, the rights and wrongs of something, cut both ways

Using the thesaurus

​

Share this entry

SYNONYMS OF THE DAY

happy© PHOTODISC

happy

feeling pleased and satisfied

Synonyms:

glad

alive

pleased

content

satisfied

contented

Browse more

TRENDING WORDS

put off

make someone not want or like something

8.4%

take up

start doing something regularly

-0.9%

take on

start to employ someone

2.5%

keen on something

interested in something and enjoying it

-3.1%

I couldn’t agree more

used for emphasizing that you agree

-10.0%

Browse more Synonyms:complicated, difficult, complex, elaborate, confused, confusing, incomprehensible, intricate, contorted, involved

Antonyms:straightforward, simple, make sense, understandable, intelligible, apparent, easy, evident, clear-cut, manifest

Entry:decadence

Synonyms:indulgence, self-indulgence, sybaritic, epicurean, extravagance, weakness, fun-loving, for fun, for a laugh

Entry:evil

Synonyms:the Devil, satanism, black mass, the forces of darkness​/​evil, satanic, Old Nick, horn, Satan

Entry:two-edged

Synonyms:mixed, patchy, spotty, mixed blessing, six of one, (and) half a dozen of the other, a double-edged​/​two-edged sword, work both ways, the rights and wrongs of something, cut both ways

Using the thesaurus

​

Share this entry

SYNONYMS OF THE DAY

happy© PHOTODISC

happy

feeling pleased and satisfied

Synonyms:

glad

alive

pleased

content

satisfied

contented

Browse more

TRENDING WORDS

put off

make someone not want or like something

8.4%

take up

start doing something regularly

-0.9%

take on

start to employ someone

Explanation:

7 0
3 years ago
In an effort to make better and more efficient purchase decisions, the Ford Motor Co. includes various people, depending on the
expeople1 [14]

Answer:

Buying Center.

Explanation:

A Buying Center is a group if individuals within an organization that are responsible for making purchase decisions.

The Buying Center is also called the Decision Making Unit (DMU), and it includes personnel from various departments.

7 0
3 years ago
Other questions:
  • Which of the following statements is CORRECT? a. In the statement of cash flows, a decrease in inventories is subtracted from ne
    6·1 answer
  • Questions for the Opening Vignette Why is it important for IRS and for U.S. state governments to use data warehousing and busine
    5·1 answer
  • If the domino effect occurs as a result of changes in the money supply, what will most likely happen as an immediate result of b
    9·2 answers
  • Which part of a database is organized most like a spreadsheet, with rows and columns? A. A form B. A report C. A table D. A fiel
    13·2 answers
  • Suppose you held a diversified portfolio consisting of a $7,500 investment in each of 20 different common stocks. The portfolio'
    5·1 answer
  • The International Property Right Index scores countries based on the legal and political environment and how well property right
    11·1 answer
  • If you consider the Loanable Funds Theory, does the current interest rate make sense when you consider things such as the nation
    7·1 answer
  • Maryam phoned her auto insurance agent to renew her policy. The agent told her about new types of insurance now available-to cov
    11·1 answer
  • Alpha Technology produces two products: a high-end laptop under the label Excellent Laptops and an inexpensive desktop under the
    10·1 answer
  • Unrealized holding gains or losses which are recognized in income are from debt securities classified as
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!