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
zysi [14]
3 years ago
13

Jackson, a self-employed taxpayer, uses his automobile 88% for business and during 2020 drove a total of 24,800 business miles.

Information regarding his car expenses is listed below. Business parking $ 300 Auto insurance 3,000 Auto club dues (includes towing service) 360 Toll road charges (business-related) 450 Oil changes and engine tune-ups 480 Repairs 330 Depreciation allowable 6,000 Fines for traffic violations (incurred during business use) 600 Gasoline purchases 6,600 What is Jackson's deduction in 2020 for the use of his car if he uses: If required, round your answers to nearest dollar.
Business
1 answer:
IRINA_888 [86]3 years ago
5 0

Answer:

300+3000+360+450+480+330+600+6600 =12120

12120 x 6000 ÷ 100 = 727 200

Explanation:

Add all expenses but leave out the 6,000 because it's Depreciation.

You might be interested in
It is important negotiators consider the shadow negotiation carefully before meeting with the other party so they:________
UkoKoshka [18]

Answer:

b. are clear in their own minds about the scope of the negotiations.

Explanation:

Shadow negotiations refer to the unspoken assumptions that determine how those involved in a deal with each other, whose opinions get heard, whose interests hold sway. Therefore, this is important so the negotiators are clear in their own minds about the scope of the negotiations. Meaning that they go into the negotiation knowing who has more bargaining power and how far they can actually take the negotiation.

7 0
4 years ago
Which of the following expenses is NOT deductible when a taxpayer uses the simplified method of calculating the home-office dedu
Rasek [7]

The simplified method of computing home office expenses limits the number of home office expenses allowed to a fixed amount regardless of the amount of business income or the size of the home office.

<h3>How do you calculate home office deductions?</h3>

A business owner can calculate the home office deduction in two ways: regular and simplified. The regular method would require you to use Form 8829 to calculate your deduction, which would include figures for the area of your home and the total hours it was used for business purposes, your business income, and other business expenses.

If you itemize deductions and use the simplified method for a taxable year, you can deduct home expenses that would otherwise be deductible as itemized deductions on Form 1040 or 1040-SR, Schedule A, without reducing these expenses by the amounts allocable to the simplified method.

Learn more about home office deductions here:

brainly.com/question/13073712

#SPJ1

8 0
1 year ago
Northern Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,
dedylja [7]

Answer:

Borrowed amount of $2,500

Explanation:

The computation is shown below;

The Total available balance is

= Beginning balance + Receipts - Disbursements

= $12,000 + $30,000 - $34,500

= $7,500

As the cash should be maintained of $10,000

So,  

The amount to be borrowed is

= $10,000 - $7500

= $2,500

3 0
3 years ago
An economy is operating with output $400 billion above its natural level, and fiscal policymakers want to close this expansionar
antoniya [11.8K]

Answer: reduced by $80 billion

Explanation:

An expansionary gap is when the actual output is more than the potential output. From the question, we are told that an economy is operating with output $400 billion above its natural level, and fiscal policymakers want to close this expansionary gap and that the central bank agrees to adjust the money supply to hold the interest rate constant, so there is no crowding out.

We are also given the marginal propensity to consume is 4/5, and told that the price level is completely fixed in the short run.

To close the expansionary gap, the government would need to reduce its spending. To solve this, we have to calculate the multiplier. This will be:

Multiplier = 1/(1 - MPC)

= 1/(1 - 4/5)

= 1/1-0.8

= 1/0.2

= 5

Therefore, the government expenditure or spending will be reduced by:

= $400 billion/5

=$80 billion

3 0
4 years ago
Research suggests that up to ___________ of manufacturing firms are using some form of lean in their business.
lisov135 [29]
<span>Up to ninety percent of businesses are using some type of lean processing. This allows them to maintain productivity with minimal staff and overhead. This has become more important as labor costs continue to rise.</span>
7 0
4 years ago
Other questions:
  • Students arrive at the Administrative Services Office at an average of one every 15 minutes, and their requests take on average
    14·1 answer
  • Dean is conducting his job search by committing four hours every day to responding to online job advertisements. Miguel is using
    10·2 answers
  • 23. Which of the following is the correct sequence of creating business organizations? A. Departmental Structures → Organization
    10·1 answer
  • Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine
    13·1 answer
  • If a painter tells you that he would spent $30 on a resperator (but not $31) that protects him from paint fumes that produce a 0
    14·1 answer
  • On a public ballot, a state legislature places a question relating to legalization of marijuana for medicinal use. In addition,
    9·2 answers
  • Johan Co. has an intangible asset, which it estimates will have a useful life of 10 years, while Abco Co. has goodwill, which ha
    14·1 answer
  • On April 1, 2020, Clare Barry received a 5%, $600,000 note from John Edwards, a customer. The note is due on March 31, 2021. Cla
    11·2 answers
  • Smith Corporation makes and sells a single product called a Pod. Each Pod requires 1.7 direct labor-hours at $9.90 per direct la
    5·1 answer
  • Who can help me write at least 10 interview questions to ask a manager
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!