Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to

image text in transcribed
image text in transcribed
Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keeps the following record of his travel: Miles Home to office 850 Office to home 425 office to restaurant 300 Restaurant to home 1,200 Home to restaurant 725 Office to customers' office 7,100 Customers' office to restaurant 400 Total miles 11,000 If he uses the standard mileage rate, what amount can she deduct as a business automobile expense? Oa. 54.255.00 Ob. 54,312.50 Oc. 54,082 50 Od. 65.175.00 Oe. 54,485.00 Chi, age 28, is single and an employee of Federal Company, Chl's adjusted gross income for the current year is $70,000. Chi would like to make the maximum contribution to his individual retirement account this year. Which of the following statement(s) about Chi's contribution and deduction amounts is/are true? 1. II He is not allowed to make an IRA contribution because his adjusted gross income is greater than $65,000 If Federal Company does not have a qualified pension plan, then Chi can contribute a maximum of $6,000 to his TRA account and deduct it. Oa. Only statement is correct Ob. Only statement. It is correct Oclloh tements are correct Od. None of these statements are correct

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_2

Step: 3

blur-text-image_3

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

International Corporate Reporting Global And Diverse

Authors: Pauline Weetman, Ioannis Tsalavoutas, Paul Gordon

5th Edition

1138364991, 9781138364998

More Books

Students also viewed these Accounting questions

Question

List the three main objectives of the Sarbanes-Oxley Act.

Answered: 1 week ago

Question

Explain all drawbacks of the application procedure.

Answered: 1 week ago