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This one question has three parts, could you please show work and bold final answer. Thank you! Rita owns a sole proprietorship in which she
This one question has three parts, could you please show work and bold final answer. Thank you!
Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,960. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Also, assume that, not counting the sole proprietorship, Rita's AGI is $63,600. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $15,900 in gross income. Note: Leave no answer blank. Enter zero if applicable. Problem 14-64 Part a (Algo) a. What is Rita's home office deduction for the current year? Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,960. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Also, assume that, not counting the sole proprietorship, Rita's AGI is $63,600. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $15,900 in gross income. Note: Leave no answer blank. Enter zero if applicable. roblem 14-64 Part b (Algo) What would Rita's home office deduction be if her business generated $10,900 of gross income instead of $15,900? (Answer for th the actual expense method and the simplified method.) Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,960. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Also, assume that, not counting the sole proprietorship, Rita's AGI is $63,600. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $15,900 in gross income. Note: Leave no answer blank. Enter zero if applicable. Problem 14-64 Part c (Algo) c. Given the original facts, what is Rita's AGI for the year
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