Question
Hi I'm having trouble with the following questions on income tax material. Can you help me pls. Here are the questions. 1-During 2017, Regina, a
Hi I'm having trouble with the following questions on income tax material.
Can you help me pls.
Here are the questions.
1-During 2017, Regina, a sole proprietor, had the following income and expenses from her home jewelry business. Regina is also employed as an office assistant at a local business.
W-2 wages from employer$28,000
Proceeds from jewelry sales15,000
Supplies for jewelry5,000
Travel for jewelry1,400
Charitable contributions to church3,000
a.What income or loss should be reported on Schedule C?
b.What is Regina's AGI?
2-Beau earned $25,000 of net earnings from a tax preparation business that he runs during tax season. He also earned a salary of $95,000 from his full-time job. How much self-employment tax must he pay for 2017? (Round calculations to the nearest dollar).
3-In 2017, Rena accepted a new job and moved from Seattle to Pittsburgh to begin work. She incurred moving expenses for her household goods and furniture of $3,500. Prior to moving, Rena flew to Pittsburgh to look for a new residence. The transportation and lodging for this trip to Pittsburgh was $900 and her meals were $250. The cost of her travel during the actual move to Pittsburgh was $500, which included $75 for meals. Calculate the amount of Rena's moving expense deduction for 2017.
4-Tyrell, who is 65, had adjusted gross income of $35,000 in 2017. During the year, he incurred and paid the following medical expenses:
Drugs and medicines prescribed by doctors: $1,570
Health insurance premiums: $825
Doctor and dentist fees: $1,850
Hearing aid: $275
Tyrell received $600 in 2017 as a reimbursement for a portion of the doctors' fees. If he were to itemize his deductions, what would be his allowable medical expense deduction after the adjusted gross income limitation is taken into account?
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I'd appreciate your help. Thanks. :)
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