Question
1. For 2020, Trey Shoemaker has Net Income for Tax Purposes of $490000 and Taxable income of $225000. During the year, he makes eligible charitable
1. For 2020, Trey Shoemaker has Net Income for Tax Purposes of $490000 and Taxable income of $225000. During the year, he makes eligible charitable gifts of $200000. Determine Mr. Shoemaker's 2020 charitable donations tax credit.
Round to the nearest dollar.
2.Ms. Taylor Milden is provided with an automobile by her employer. The employer acquired the automobile in 2018 for $24000, including sales tax. During 2019, Ms. Milden drives the automobile for a total for 24000 kilometers, 9000 of which were related to employment duties. The automobile is available to Ms. Milden throughout the year. What is Ms. Milden's 2019 standby charge for the use of this automobile?
Round to the nearest dollar.
3.Ms. Taylor Milden is provided with an automobile by her employer. The employer acquired the automobile in 2018 for $26000, including sales tax. During 2019, Ms. Milden drives the automobile for a total for 24500 kilometers, 9000 of which were related to employment duties. The automobile is available to Ms. Milden throughout the year. What is Ms. Milden's 2019 operating cost benefit for the use of this automobile?
Round to the nearest dollar.
4.Mr. Mark Farther is provided with a car that is leased by his employer. The monthly lease payments for 2019 are $590, including sales tax. During 2019, he drives the automobile a total of 26000 kilometers, of which 5500 are employment related. The automobile is available to him throughout the year. His employer paid a total of $5900 in operating costs. When he is not using the automobile, company policy requires that it be returned to their premises. Calculate Mr. Farther's 2019 standby charge for the use of this automobile.
Round to the nearest dollar.
5.Mr. Mark Farther is provided with a car that is leased by his employer. The monthly lease payments for 2019 are $510, including sales tax. During 2019, he drives the automobile a total of 26000 kilometers, of which 7000 are employment related. The automobile is available to him throughout the year. His employer paid a total of $8000 in operating costs. When he is not using the automobile, company policy requires that it be returned to their premises. Calculate Mr. Farther's 2019 operating cost benefit for the use of this automobile.
Round to the nearest dollar.
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