Jackson uses his automobile 82% for business and during 2017 drove a total of 16,400 business...

Jackson uses his automobile 82% for business and during 2017 drove a total of 16,400 business miles. Information regarding his car expenses is listed below.

Business parking $ 290

Auto insurance 2,900

Auto club dues (includes towing service) 348

Toll road charges (business-related) 435

Oil changes and engine tune-ups 464

Repairs 319

Depreciation allowable 5,800

Fines for traffic violations (incurred during business use) 580

Gasoline purchases 6,380

What is Jackson's deduction in 2017 for the use of his car if he uses:

If required, round your answers to nearest dollar.

a. The actual cost method?

b. The automatic mileage method?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Jackson, a self-employed taxpayer, uses his automobile 82% for business and during 2020 drove a total...

Jackson, a self-employed taxpayer, uses his automobile 82% for business and during 2020 drove a total of 27,600 business miles. Information regarding his car expenses is listed below. Business parking $ 260 Auto insurance 2,600 Auto club dues (includes towing service) 312 Toll road charges (business-related) 390 Oil changes and engine tune-ups 416 Repairs 286 Depreciation allowable 5,200 Fines for traffic violations (incurred during business use) 520 Gasoline purchases 5,720 What is Jackson's deduction in 2020 for the use of...

Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a total...

Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a total of 14,000 business miles. Information regarding his car expenses is listed below. Business parking $ 140 Auto insurance 1,300 Auto club dues (includes towing service) 180 Toll road charges (business-related) 200 Oil changes and engine tune-ups 210 Repairs 160 Depreciation allowable 2,850 Fines for traffic violations (incurred during business use) 320 Gasoline purchases 2,800 What is Jackson’s deduction in 2019 for the use of...

Jackson, a self-employed taxpayer, uses his automobile 72% for business and during 2019 drove a total...

Jackson, a self-employed taxpayer, uses his automobile 72% for business and during 2019 drove a total of 16,400 business miles. Information regarding his car expenses is listed below. Business parking $ 220 Auto insurance 2,200 Auto club dues (includes towing service) 264 Toll road charges (business-related) 330 Oil changes and engine tune-ups 352 Repairs 242 Depreciation allowable 4,400 Fines for traffic violations (incurred during business use) 440 Gasoline purchases 4,840 What is Jackson's deduction in 2019 for the use of...

Henderson is on a business trip in New Jersey. He drove his car from New York...

Henderson is on a business trip in New Jersey. He drove his car from New York to New Jersey and checks into the Hotel Ritz. The Ritz has a guarded underground parking lot. Henderson gives his keys to the parking attendant, but did not tell him that his wife’s expensive ($15,000) fur coat was in the car. The coat was packed in a box in the trunk of the car. When Henderson went to check out the next day, he...

Mr. Jackson died on June 19 when the total FMV of his property was $23 million...

Mr. Jackson died on June 19 when the total FMV of his property was $23 million and his debts totaled $2.789 million. His executor paid $23,000 funeral expenses and $172,000 accounting and legal fees to settle the estate. Mr. Jackson bequeathed $500,000 to the First Lutheran Church of Milwaukee and $1 million to Western Wisconsin College. He bequeathed his art collection (FMV $6.4 million) to his wife and the residual of his estate to his three children. Assume the taxable...

Kelly Owns a Condo in Wisconsin. During the year, Kelly uses the condo a total of...

Kelly Owns a Condo in Wisconsin. During the year, Kelly uses the condo a total of 25 days. The condo is also rented out for a total of 75 days and generates rental income of $14,000. Kelly incurs the following expenses: Mortgage Interest: $5000 Property Taxes: $2400 Utilities: $2000 Insurance: $1000 Depreciation: $10500 Using the IRS method of allocating expenses, the amount of depreciation that Tamara may take with respect to the rental property will be: A) $1050 B) $5074...

The Metro restaurant during fiscal year 2017 spent a total of $ 333,512.02 on food purchases...

The Metro restaurant during fiscal year 2017 spent a total of $ 333,512.02 on food purchases for its operation and obtained $ 1,239,453.22 in total sales for the same period, of which $ 987,398.32 were on food sales and $ 252,054.90 on beverage sales. How much is the percentage of food cost ?:

Raziq uses accrual basis accounting to record his business expenses and revenues. He closes his accounts...

Raziq uses accrual basis accounting to record his business expenses and revenues. He closes his accounts on 31 December every year. Which of the following explains the accrual basis accounting? * a.All business expenses are recorded when cash has been spent. b.The pay period for hourly employees ends on 27 December, but the employees continue to earn wages through December 31, which are paid to them on 5th January 2020. The business should not record the wages within the year...

Mr. Jones bought a new pick-up truck for his landscaping business from Victor Motors, an automobile...

Mr. Jones bought a new pick-up truck for his landscaping business from Victor Motors, an automobile dealership specializing in trucks. Unfortunately, while there were no major defects with the truck, a number of small things kept going wrong, including wheel alignment, faulty wiring and a leaky exhaust system. In addition the truck tended to stall in heavy traffic. During the summer Mr. Jones had the truck repaired ten times. These small annoyances continued and finally, in disgust, he returned the...

Otto’s brotherDent runs an auto repair business. In his spare time, he calculated his total cost function.

Otto’s brotherDent runs an auto repair business. In his spare time, he calculated his total cost function. He found that the total cost of repairing cars is:TC = 2s2+ 10where sis the number of cars repaired. Write down equations for Dent’s:i) total fixed cost.ii) total variable cost.iii) average variable cost.iv) average fixed cost.v) average total cost.vi) marginal cost functions.

Subjects