What is bobs actual deduction for miscellaneous itemized
Course:- Accounting Basics
Reference No.:- EM13124977

Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fees, $700 unreimbursed employee business expenses ( a miscellaneous) and $250 tax return preparation fees. What is Bob's actual deduction for miscellaneous itemized deductions?

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
The cards are placed in a bin, and 30 winners  will be drawn. Considering the 30 winners as a sample from all of the persons filling out such cards, is this a probability sa
Why are there differences between taxable and financial income? What are some examples of permanent and temporary differences? Why do these differences exist? How do they af
Kane Inc.'s $10 par value common stock is actively traded at a market value of $15 per share. Kane issues 5,000 shares to purchase land advertised for sale at $85,000. Journal
Martin, Inc., has two products: a pocket metronome (unit sales price, $25; unit variable cost, $15) and a pocket tuner (unit sales price, $14; unit variable cost,$9). the comp
On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,00
The gift shop uses an online e-cash processing company, which deposits cash receipts to the gift shop's bank account automatically. What strategies should the gift shop impl
Their net profit margin for the year was 20 percent, while the operating profit margin was 30 percent. What are Cisco's net income, EBIT ROA, ROA, and ROE?
The client has provided purchase orders for inventory sent to the fulfillment center and has records of products sold. How should you handle this situation to be comfortable