Nancy Powell is employed by a large corporation as a sales representative. She is paid a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Nancy Powell is employed by a large corporation as a sales representative. She is paid a commission of $70,000 in 2022. She is required to have a home office and she estimates that her work-related use is at 375 square feet of her 1,500 square foot house. Total costs for 2022 were as follows: Mortgage payments (40% principal, 60% interest) Homeowner's insurance $24,000 900 Utilities 1,500 Roof repair 800 Property tax 5,000 What amount would Nancy be able to claim as Home Office Expenses? Nancy Powell is employed by a large corporation as a sales representative. She is paid a commission of $70,000 in 2022. She is required to have a home office and she estimates that her work-related use is at 375 square feet of her 1,500 square foot house. Total costs for 2022 were as follows: Mortgage payments (40% principal, 60% interest) Homeowner's insurance $24,000 900 Utilities 1,500 Roof repair 800 Property tax 5,000 What amount would Nancy be able to claim as Home Office Expenses?
Expert Answer:
Answer rating: 100% (QA)
To calculate the amount of home office expenses that Nancy can claim we first need to determine the ... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
Students also viewed these accounting questions
-
Olivia, aged 47, is employed by a large multinational company working in software development. She is Irish resident for tax purposes. Olivia receives an annual salary of 95,000 and an annual bonus...
-
Ms. Mindy Vincent is employed by a large publicly traded corporation and her 2021 salary is $126,400. In addition to her annual salary, she received a performance bonus of $24,700, one-half of which...
-
Mike Webb, married to Nancy Webb, is employed by a large pharmaceutical company and earns a salary. In addition, Mike is an entrepreneur and has two small businesses on the side, both of which...
-
Perform the indicated operations and simplify the result. Leave your answer in factored form. X x - 3 x + 1 x2 + 5x 24
-
Lean has been applied extensively in the automobile industry. Report on other industries who use lean production.
-
Ocean Sailings, Inc. ("OSI") acquired an 95% interest in Stormy Cruises Corp on December 31 for $3,600,000. OSI has the ability to exercise significant influence on management decisions. The Stormy...
-
What are the distinct parts of an insurance policy?
-
1. Would it be best for Victoria Oilfield Equipment to select a manager who is a local (citizen of Nigeria), a home country national (citizen of the United States), or a third-country national...
-
In the year just ended, Gemini Motor Parts had sales of $5,000,000 and incurred a cost of goods sold equal to $4,500,000. The firm's operating expenses were $130,000 and it has $1,000,000 in...
-
Refer to the information in Exercise 4.16. Suppose that Telemark-Kjemi uses the FIFO method instead of the weighted-average method in all its departments. The only changes under the FIFO method are...
-
If invested for 9 years at a constant annual rate, $62 will grow into $100. How much interest results from compounding (in dollars)?
-
The claim is that for the tar amounts in king-size cigarettes, > 20.0 mg. The sample size is n = 25 and the test statistic is t = 1.733. Either use technology to find the P-value or use Table A-3 to...
-
A particle at the origin of a Cartesian coordinate system carries a charge of \(3.89 \times 10^{-9} \mathrm{C}\). What are the magnitude and direction of the electric field at \((a)(4.00...
-
A proton is located in the \(x y\) plane at \((4.00 \mathrm{~mm}, 3. 00\) \(\mathrm{mm}\) ) and experiences an electric force exerted by a particle at the origin carrying a positive charge of \(6.95...
-
Two uniformly charged pellets A and B are held some distance from each other, and then the charge on \(\mathrm{A}\) is doubled. Which of the following statements is most correct? (a) The magnitude of...
-
Describe the five-step decision-making process.
-
Waters Corporation has a stock price of $20 a share. The stock's year-end dividend is expected to be $2 a share (D. = $2.00). The stock's required rate of return is 15% and the stock's dividend is...
-
In Exercises evaluate the limit, using LHpitals Rule if necessary. lim 07x cos x X
-
Value Corporation is a calendar year taxpayer that uses the accrual method of accounting. On December 10 of the current year, Value accrues a bonus payment of $100,000 to Brett, its president and...
-
Charley Long is a truck driver, the 18-wheeler variety. He works for Fishy Co., a seafood company in Mobile, Alabama, and drives a company truck. Charleys job entails leaving Mobile at 4:00 PM each...
-
Omega Corporation, a regular C corporation, presents you with the following partial bookincome statement for the current year: Omega also provides the following partial balance sheet information: You...
-
In Example 17.11, assume that the promised amounts to \(A\) and \(B\) are \(\$ 110\) and \(\$ 90\), respectively. Develop the new table of results. What are the prices of \(A\) and \(\mathrm{B}\) ?...
-
Consider a strategy of the form \((\gamma, 0,0)\) for the investment wheel. Show that the overall factor multiplying your money after \(n\) steps is likely to be \((1+2 \gamma)^{n / 2}(1-\gamma)^{n /...
-
Show that \(\left(\frac{1}{2}, \frac{1}{2} ight)\) is the optimal policy for Example 18.2 . Example 18.2 (Volatility pumping) Suppose there are two assets available for investment. One is a stock...
Study smarter with the SolutionInn App