Fred's Pizza business provides you the following Accounting GAAP financial information for this year's business income tax
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Question:
Fred's Pizza business provides you the following Accounting GAAP financial information for this year's business income tax return:
Income Statement:
- Revenue: $100,000
- Meals and Entertainment: $10,000
- Supply Expenses: $2,000
- Depreciation Expenses: $5,000
Assets
Furniture (Class 8, 20%); UCC was $10,000; Purchase this year was $10,000 and disposed of furniture for proceeds of $10,000 and had an original cost of $5,000.
Building (Class 1, 4%); UCC was $100,000
The Business Income tax profit to be inserted into Line 13500 is?
Ignore the Accelerated Investment Incentive.
Linda and Barry, a married couple has the following information for this year:
- Linda's Earned and Net income: $20,000
- Barry's Earned and Net income: $1,200
- 1st child is 5 years old
- 2nd child is 15 years old
- Nanny/Child Care Expenses (not camps): $50,000
What is the maximum Child Care Expense deduction on Line 21400 for this family this year?
Posted Date: