P1:7-41 (similar to) Micah, a self-employed consultant, incurs the following business-related expenses in 2019: (Click the icon to view the employment-related expenses.) Click the icon to view the standard deduction schedule.) Micah earned $136,000 of gross income from his consulting business and had $7,000 of interest and dividend income in 2019 before any of the above expenses are deducted. He has $23,500 of itemized deductions. Micah is married and files a joint return with his wife, Amanda, who has no income. Read the requirements Requirement a. What is the amount of Micah's deduction for business-related expenses for 2019? Begin by selecting whether each of the following amounts are deductible for 2019, whether they are deductible for AGI or from AGI, and whether or not they are subject to any limitations. Actual automobile expenses Moving expenses deductible under Sec. 217 Entertainment expenses Travel expenses (excluding meals) Business meals Professional dues and subscriptions - X Data Table $ 1.750 3,600 Actual automobile expenses Moving expenses Entertainment expenses Travel expenses (including $300 of business meals) Professional dues and subscriptions 800 3,000 300 $ 9,450 Total Print Done Micah, a self-employed consultant, incurs the following business-related expenses in 2019: Click the icon to view the employment-related expenses.) Click the icon to view the standard deduction schedule.) Micah earned $136,000 of gross income from his consulting business and had $7,000 of interest and dividend income in 2019 before any of the above expenses are deducted. He has $23.500 of itemized deductions. Micah is married and files a joint return with his wife, Amanda, who has no income Read the requirements Requirement a. What is the amount of Micah's deduction for business-related expenses for 2019? Begin by selecting whether each of the following amounts are deductible for 2019, whether they are deductible for AGI or from AGI, and whether or not they are subject to any limitations. Actual automobile expenses Moving expenses deductible under Sec. 217 Entertainment expenses Deductible for AGI Deductible for AGI subject to a 50% disallowance Travel expenses (excluding meals) Deductible from AGI Business meals Deductible from AGI subject to a 50% disallowance Professional dues and subscriptions Not deductible X 1 Reference $ 24,400 18,350 $ $ 12,200 STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind, Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. $ 12,200 $1,300* $1,650 Print Done Micah, a self-employed consultant, incurs the following business-related expenses in 2019: Click the icon to view the employment-related expenses.) Click the icon to view the standard deduction schedule.) Micah earned $136,000 of gross income from his consulting business and had $7,000 of interest and dividend income in 2019 before any of the above expenses are deducted. He has $23,500 of itemized deductions. Micah is married and files a joint return with his wife, Amanda, who has no income Read the requirements Requirement a. What is the amount of Micah's deduction for business-related expenses for 2019? Begin by selecting whether each of the following amounts are deductible for 2019, whether they are deductible for AGI or from AGI, and whether or not they are subject to any limitations, Actual automobile expenses Moving expenses deductible under Sec. 217 Entertainment expenses Travel expenses (excluding meals) Business meals Professional dues and subscriptions Requirements a. What is the amount of Micah's deduction for business related expenses for 20192 b. What is Micah and Amanda's AGI and taxable income in 2019, assuming he is married and files a joint return, and ignoring the self-employment tax? Print Done P1:7-41 (similar to) Micah, a self-employed consultant, incurs the following business-related expenses in 2019: (Click the icon to view the employment-related expenses.) Click the icon to view the standard deduction schedule.) Micah earned $136,000 of gross income from his consulting business and had $7,000 of interest and dividend income in 2019 before any of the above expenses are deducted. He has $23,500 of itemized deductions. Micah is married and files a joint return with his wife, Amanda, who has no income. Read the requirements Requirement a. What is the amount of Micah's deduction for business-related expenses for 2019? Begin by selecting whether each of the following amounts are deductible for 2019, whether they are deductible for AGI or from AGI, and whether or not they are subject to any limitations. Actual automobile expenses Moving expenses deductible under Sec. 217 Entertainment expenses Travel expenses (excluding meals) Business meals Professional dues and subscriptions - X Data Table $ 1.750 3,600 Actual automobile expenses Moving expenses Entertainment expenses Travel expenses (including $300 of business meals) Professional dues and subscriptions 800 3,000 300 $ 9,450 Total Print Done Micah, a self-employed consultant, incurs the following business-related expenses in 2019: Click the icon to view the employment-related expenses.) Click the icon to view the standard deduction schedule.) Micah earned $136,000 of gross income from his consulting business and had $7,000 of interest and dividend income in 2019 before any of the above expenses are deducted. He has $23.500 of itemized deductions. Micah is married and files a joint return with his wife, Amanda, who has no income Read the requirements Requirement a. What is the amount of Micah's deduction for business-related expenses for 2019? Begin by selecting whether each of the following amounts are deductible for 2019, whether they are deductible for AGI or from AGI, and whether or not they are subject to any limitations. Actual automobile expenses Moving expenses deductible under Sec. 217 Entertainment expenses Deductible for AGI Deductible for AGI subject to a 50% disallowance Travel expenses (excluding meals) Deductible from AGI Business meals Deductible from AGI subject to a 50% disallowance Professional dues and subscriptions Not deductible X 1 Reference $ 24,400 18,350 $ $ 12,200 STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind, Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. $ 12,200 $1,300* $1,650 Print Done Micah, a self-employed consultant, incurs the following business-related expenses in 2019: Click the icon to view the employment-related expenses.) Click the icon to view the standard deduction schedule.) Micah earned $136,000 of gross income from his consulting business and had $7,000 of interest and dividend income in 2019 before any of the above expenses are deducted. He has $23,500 of itemized deductions. Micah is married and files a joint return with his wife, Amanda, who has no income Read the requirements Requirement a. What is the amount of Micah's deduction for business-related expenses for 2019? Begin by selecting whether each of the following amounts are deductible for 2019, whether they are deductible for AGI or from AGI, and whether or not they are subject to any limitations, Actual automobile expenses Moving expenses deductible under Sec. 217 Entertainment expenses Travel expenses (excluding meals) Business meals Professional dues and subscriptions Requirements a. What is the amount of Micah's deduction for business related expenses for 20192 b. What is Micah and Amanda's AGI and taxable income in 2019, assuming he is married and files a joint return, and ignoring the self-employment tax? Print Done