Essay on tax

by | Aug 4, 2021 | Assignment

Write an essay on tax. During 251?, Regina, a sole proprietor, had the following income and expenses fromher home jewelry business. Regina is also employed as an of?ce assistant at a localbusiness. 552 wages from employer $25,555Proceeds from jewelry sales 1 5,555Supplies forjewelry 5,555Travel for jewelry 1,455Charitable contributions to church 3,555 a. 1ll’lI’hat income or loss should be reported on Schedule C?b. 1Lr’li’hat is Regina‘s AGI? Beau ea med $25,555 of net earnings from a tax preparation business that he ansdun’ng tax season. He also earned a salary of $55,555 from his full—time job. How muchselLemployment tax must he pay for 251?? (Round calculations to the nearest dollar}. In 251?, Rena accepted a new job and moved from Seattle to Pittsburgh to begin work.She incuned moying expenses for her household goods and furniture of $3,555. Priorto moying, Rena ?ew to Pittsburgh to look fora new residence. The transportation andlodging forthis trip to Pittsburgh was $555 and her meals were $255. The cost of hertrayel during the actual move to Pittsburgh was $555, which included $5 for meals.Calculate the amount of Re na‘s moying expense deduction for 251 i". Tyrell, who is 55, had adjusted gross income of $35,555 in 251 i". During the year, heincuned and paid the following medical expenses: [lugs and medicines prescribed by doctors: $ 1,5?5Health insurance premiums: 1325Doctor and dentist fees: 1,555Hearing aid: 2?5 Tyrell receiyed $555 in 251? as a reimbursement for a portion of the doctors‘ fees. ti hewere to itemize his deductions, what would be his allowable medical expensededuction atterthe adjusted gross income limitation is taken into account?

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