Homework questions for Business Income Tax

X ABBA. A AaBbccbd AaBb AaBbci AaBbCi AaBbcd Heading 1 Heading 2 Heading 3 Heading 4 Normal Question 21 Dusty is a sole proprietor and regularly drives to meet clients in other cities. He drove 3,000 miles for business in 2020 and spent $1,200 gas, oil and maintenance. What is the amount of his deduction for car and truck expenses if he uses the standard mileage method? A 1725 B.1200 C.1130 D.1340 Question 22 Dusty purchased his tax software on December 27, 2020. The bill was paid immediately by credit card. The credit card statement was received and paid in January 2021. When is this purchase deductible by Dusty? A. 2018 B.2019 C.2020 D.2021 Question 18 Nikki works for First State Bank in Mayville. Over the noon hour, Jordan stays at work on the bank provides her a meal valued at $8 so that she can cover for the other tellers. She did this 100 days in 2020. How much should Jordan include in her income for 2020? A.800 B.400 C.1600 D.O Question 19 Brian has a full time job at Mayville State University. As part of his employment, he receives health insurance coverage. The amount paid by Mayville State for this policy is $14,380. How much of this policy is taxable for Brian? A.14380 B.O C.4000 D.7190