1). John, age 43 and single, is the sole proprietor of a construction firm. The firm...

 

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1). John, age 43 and single, is the sole proprietor of a construction firm. The firm generated $100,000 in revenues and $50,000 of ordinary business expenses. During the current year, John donated $500 to a local political group that monitors the impact of a legislation that sets up special sidewalks for handicapped children near public schools on behalf of his firm and also incurred $3000 in personal medical costs. In June, John went from Milwaukee to Alaska on business. Preceding a five-day business meeting, he spent four days vacationing at the beach. His total airfare for the trip is $3,200. His other business-related expenses (not including vacation day expenses) for the trip are: Lodging $900 Meals $800 Entertainment $600 Considering only the information given in this problem, what is John's taxable income? 1). John, age 43 and single, is the sole proprietor of a construction firm. The firm generated $100,000 in revenues and $50,000 of ordinary business expenses. During the current year, John donated $500 to a local political group that monitors the impact of a legislation that sets up special sidewalks for handicapped children near public schools on behalf of his firm and also incurred $3000 in personal medical costs. In June, John went from Milwaukee to Alaska on business. Preceding a five-day business meeting, he spent four days vacationing at the beach. His total airfare for the trip is $3,200. His other business-related expenses (not including vacation day expenses) for the trip are: Lodging $900 Meals $800 Entertainment $600 Considering only the information given in this problem, what is John's taxable income?

Answer rating: 100% (QA)

To calculate Johns taxable income we need to determine his total income and subtract his allowable d... View the full answer