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BartSMP [9]
2 years ago
12

Chahana acquired and placed in service $1,185,000 of equipment on August 1, 2019 for use in her sole proprietorship. The equipme

nt is 5-year recovery property. No other acquisitions are made during the year. Chahana elects to expense the maximum amount under Sec. 179, and bonus depreciation is not applied. Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are:___________.
A) $1,020,000.
B) $237,000.
C) $1.185,000.
D) $1,053,000
Business
1 answer:
algol [13]2 years ago
7 0

Answer:

D) $1,053,000

Explanation:

Calculation to determine what Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are

Sec 179 immediate expensing $1,020,000

MACRS depreciation:

Add Basis for depreciation $33,000

[($1,185,000 - $1,020,000 Sec. 179) × .20]

Total depreciation $1,053,000

($1,020,000+$33,000)

Therefore Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are:$1,053,000

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Large membranous sacs are more prevalent in plant cells and some protozoa than in animal cells. These sacs in plant cells might
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Answer:

Vacoule

Explanation:

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2 years ago
Problem 13-46 (LO. 6) In 2018, Maria records self-employed earnings of $135,000. Using the format illustrated in the text, compu
kifflom [539]

Answer:

Payable tax 9.154, equal to the tax deduction 9,154

Explanation:

Net earnings from self-employment is $135.000

Multiply earnings by 92.3%

= 135.000 * 0.9235

= 124.672,5

If the amount after multiplication is in excess of $118.500, in such case the excess of amount over 118.500 should be multiplied by 2.9%

= 124.672,5 > 118.500

The difference between both amounts is 179.

Add: to the above amount tax on social security portion and medicare portion 15.3%$ on 118.500 which is the ceiling limit.

118.500 * 15.3%

=18.130.5 + 179

=18309.5

Therefore, the tax is 18309.5

Deduction of 50% on the tax can be claimed

Therefore, deduction is 9.154.

Thus, the tax payer can be benefited from the self-assessment tax deduction.

3 0
2 years ago
Describe two financial golas you would want to meet beifr you begen investing ​
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1. Getting out of credit card debt.

2. Paying off student loans.

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3 years ago
An individual works in a small manufacturing business with fewer than 100 employees. The company does not offer a retirement pla
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Answer:

Traditional IRA

Explanation:

Traditional IRA is an individual retirement account that is held at a custodian institution such as a bank. The funds can be invested in various assets such as certificate of deposit, stocks and mutual funds to generate interest.

It is simpler to enroll with than the Roth IRA and the only requirement is the fund to be invested. Transactions in the account are not subject to taxation. Taxes only apply at withdrawal.

The traditional IRA will be the best option for this person because of the ease of enrollment and freedom from taxes on transactions.

7 0
3 years ago
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