Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra

Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra paid or reported the following expenses related to her garage and other property. Determine Alexandra's AGI for 2015.

Revenue from auto repairs $145,430
Salaries paid to mechanics 72,360
Supplies and tools 18,650
Revenues from gas station partnership (Alexandras share) 126,500
Expenses from gas station partnership (Alexandras share) 95,350
Self-employment tax (1/2 is employers share) 12,852

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

Eco Management The Elmwood Guide To Ecological Auditing And Sustainable Business

Authors: Ernest Callenbach, Fritjof Capra, Lenore Goldman, Rudiger Lutz

1st Edition

1881052273, 978-1881052272

More Books

Students also viewed these Accounting questions