Accounting

71. Bob also incurred expenses for both meals and entertainment on his business trips. To what extent are these expenses deductible? a 100% b) 55% 50% coor bris B W ermol most blartfilm and wenooni in boy 0% 72. John uses his car in his business and uses actual expenses to deduct his vehicle expenses. The vehicle is used 78% for business and was placed into service in 2015. Which of the following is the correct method of depreciation to use for the current tax year? a) MACRS for 7-year property cor one Theme ! bDA b) Section 179 grilland endim al el enli li C) MACRS for 5-year property 1028 mp 30.age of bobeulen trow boy Of anil to myoma d) Depreciation is not allowed for this vehicle. gulaor 73. Jim has several types of insurance policies. Which of the following should be excluded as a business insurance premium Jim may be able to deduct on Schedule C? my MomA Boneq xol botamped AS a) Malpractice insurance onswells of Inbw way do b ) Casualty insurance, such as fire or theft C) Bond insurance d) Life insurance on the taxpayer 74. Enrique owns his business and is, therefore, an independent contractor. Which of the following is listed incorrectly as a favorable tax benefit to which he is entitled with this status? a) He is not required to complete Form W-4 for individuals for whom he works. b) He can deduct all business expenses, even if he does not itemize his expenses. c) His business expenses are not subject to the 2% limit that employee business expenses must exceed to be eligible for a deduction. d) He is responsible for both the employer and employee portions of employment taxes