Question: Joe delivers for Uber Eats and earned $10,000 after deducting all eligible expenses for his business. He has no other income or deductions. Joe is

Joe delivers for Uber Eats and earned $10,000 after deducting all eligible expenses for his business. He has no other income or deductions. Joe is upset and insists that the software is wrong because he earned less than the standard deduction and owes money. Please explain in your own words why he has a balance due. Please share any suggestions you would discuss with Joe to help him plan for next year's tax return.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Joes situation may be attributed to a misunderstanding of how taxes work for selfemployed individuals such as Uber Eats drivers Heres an explanation and some suggestions for Joe Why Joe Has a Balance ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Presented below is the post-closing trial balance for Horner Co. The subsidiary ledgers contain the following information: (1) accounts receivable- B. Hannigan $2,500, I. Kirk $7,500, and T. Hodges...

Q:

Definitions (5Pt Each) NOTE: in order to get full marks, you need to define things in your own words (i.e. just copying the textbook is not sufficient) and you also need to explain why this could be...

Q:

Jagjeet Jai and his wife Jiera, operate a partnership through a caf business, J&J Jai trading as Jasmine Chai Delights (JCD). JCD is located at St Kilda near the beach and specialises in...

Q:

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Q:

Facts and Information William Walker (age 48) and his wife Susan (age 47) were married in 1996 and live in Blue Bell, PA. They have three children: Gregory (age 21) is a full-time student at Penn...

Q:

Facts and Information William Walker (age 48) and his wife Susan (age 47) were married in 1996 and live in Blue Bell, PA. They have three children: Gregory (age 21) is a full-time student at Penn...

Q:

Facts and Information William Walker (age 48) and his wife Susan (age 47) were married in 1996 and live in Blue Bell, PA. They have three children: Gregory (age 21) is a full-time student at Penn...

Q:

Facts and Information William Walker (age 48) and his wife Susan (age 47) were married in 1996 and live in Blue Bell, PA. They have three children: Gregory (age 21) is a full-time student at Penn...

Q:

Debra wants to know if her sister can be her qualifying child.Which of the following is not a test to be a Qualifying Child? Select one: a. The child must be under age 19 at the end of the year or...

Q:

Mr Delivery - The Joy of Food, Delivered. BusinessTech (2019) recalls a time before mobile apps, where ordering takeaways to be delivered to your door meant that you had to consult the Mr Delivery...

Q:

Mr Delivery - The Joy of Food, Delivered. BusinessTech (2019) recalls a time before mobile apps, where ordering takeaways to be delivered to your door meant that you had to consult the Mr Delivery...

Q:

Taco Bell is forecast to generate $4.80 in earnings per share at the end of the current year and has a return on equity (ROE) of 18%. If the dividend payout ratio is 55%, what will be the price of...

Q:

Following is the trial balance of Brijesh. Prepare final accounts for the year ended on 31st March, 2016. Stock as on 01-04-2015 Purchases and Sales Returns Carriage inwards Salaries Insurance Wages...

Q:

As known and is taught today in management and education circles, the notion of a self - fulfilling prophecy was conceptualized by: Option A Robert Merton. Option B Jim Sullivan. Option C Frederick...

Q:

1). Loan Shark Company provides short term loans. They will loan you $4 today and expect $5 back in one week! What is the EAR for this loan? 2). You plan to retire with $500,000 savings. How much...

Q:

1) Waren has a $60,000 two-year note payable to First American Bank & Trust dated December 18, 2017. The stated annual interest rate on the note is 5%. The terms of the note payable call for the...

Q:

1. The Lonely Guy Computer Dating Company, anticipating continued growth, was seeking to upgrade its computer software. Lonely Guy entered into a verbal agreement with Shoestring Software to design,...

Q:

Rose Marketing Inc. (Rose or the Company) is a private company that provides immersive marketing for locally sold products and handcrafts. Rose entered into a series of agreements with InVest Co....

Q:

Tess is a 22-year-old woman who comes to the clinic with her husband Luis for a prenatal checkup on May 10, 2014. This is her first pregnancy, and they are both very excited about starting a family....

Q:

The return of goods to the supplier will affect the purchase account. Question 27Answer True False

Q:

Ken (age 31) and Amy (age 28) Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of these items must be used to...

Q:

Steve Jackson (age 51) is a single taxpayer living at 3215 Pacific Dr., Del Mar, CA 92014. His Social Security number is 465-88-9415. In 2012, Steve's earnings and income tax withholding as the...

Q:

Larry and Lisa Williams, both 33 years old, have been married for 9 years. They live at 638 Arctic Way, Fairbanks, AK 99701. Lisa's Social Security number is 445- 81-1423 and Larry's is 798-09-8526....

Q:

Look again at the histogram of the pizza prices in Exercise 29. a) Is the mean closer to $2.40, $2.60, or $2.80? Why? b) Is the standard deviation closer to $0.15, $0.50, or $1.00? Explain.

Q:

Exercise 33 looked at the running times of movies released in 2010. The standard deviation of these running times is 16.6 minutes, and the quartiles are Q1 = 98 minutes and Q3 = 116 minutes. a) Write...

Q:

Exercise 34 looked at distances PG golfers can hit the ball. The standard deviation of these average drive distances is 11.2 yards, and the quartiles are Q1 = 282.5 yards and Q3 = 295.6 yards. a)...