Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Lisa incurred the following employee business expenses: Meals $2,000 Lodging $4,000 Her employer reimburses her a total of $4,500 for all of these expenses

1. Lisa incurred the following employee business expenses:

Meals $2,000

Lodging $4,000

Her employer reimburses her a total of $4,500 for all of these expenses under an accountable plan. Ignoring any AGI offsets, what is her deduction for these expenses?

Enter your answer without commas or dollar signs.

2.

During 2014 Andy, a single taxpayer has $300,000 of adjusted gross income and pays the following during the year:

Qualified Business Entertainment $140,000

What is Andys line 40 entry on Form 1040?

Enter your answer without commas or dollar signs. The overall phase out threshold for itemized deductions for a single filer in 2014 is $254,200.

3.

During 2014 Andy, a head of household taxpayer, has $3,000,000 of adjusted gross income and paid the following during the year:

Qualified mortgage interest $65,000

What is Andys line 40 entry on Form 1040?

Enter your answer without commas or dollar signs.

Hint: The deduction will not be completed erased. Pay attention to the taxpayer's filing status. For 2014, the head of household threshhold is $279,650.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sarbanes Oxley And The New Internal Auditing Rules

Authors: Robert R. Moeller

1st Edition

0471483060, 978-0471483069

More Books

Students also viewed these Accounting questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago

Question

Language in Context?

Answered: 1 week ago