Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

In 2011, Micah Johnson (SSN 000-22-1111) incurs following unreimbursed employee business expenses:

Airplane and taxi fares $ 4,000
Lodging away from home 5,000
Meals while away from home 1,000

Automobile expenses (related to 100% of the use of his personal automobile):

Gasoline and oil 8,500
Repairs 1,000
Insurance 900
Depreciation 1,775
Parking and tolls (includes only business use) 100
Total $22,275

Johnson receives a $7,800 reimbursement for travel expenses. He did not receive any reimbursement for auto expenses. He uses his personal automobile 80% for business use and placed his present automobile in service on October 1, 2007. Total business miles driven during year (evenly throughout the year) amount to 26,400, his commuting miles in 2011 amount to 2,000, and other personal miles amount to 4,600 miles. Johnson's AGI is $60,000, and he has no other miscellaneous itemized deductions.

Required:

Compute Johnson's expense deduction and fill-in 2011 Form 2106 (Employee Business Expenses) based on actual automobile expenses and other employee business expenses as shown above.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92650

Have any Question? 


Related Questions in Accounting Basics

Comprehensive problem 1morgan companys balance sheet at

Comprehensive Problem 1 Morgan Company's balance sheet at December 31, 2016, is presented below. Morgan Company Balance Sheet December 31, 2016 Cash $30,000 Accounts Payable $12,250 Inventory 3050 Interest Payable 300 Pr ...

Abc stock has a share price of 150 today all rates of

ABC stock has a share price of $150 today. All rates of interest are 3% per annum on a continuously compounded basis. A one-year European call option on one share of stock struck at $147 is worth $15. Finally, ABC is sch ...

Palmona co establishes a 220 petty cash fund on january 1

Palmona Co. establishes a $220 petty cash fund on January 1. On January 8, the fund shows $125 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $11; delivery expenses, $13; and ...

Exercise 1north company has completed all of its operating

Exercise 1 North Company has completed all of its operating budgets. The sales budget for the year shows 50,120 units and total sales of $2,128,200. The total unit cost of making one unit of sales is $22. Selling and adm ...

Accounting theory and contemporary issues individual case

Accounting Theory and Contemporary Issues Individual case study Assignment Learning Outcomes-  Research and argue a position in regard to a contemporary issue in the accounting profession Evaluate the different areas of ...

Company annual report study -choose any company and make a

COMPANY ANNUAL REPORT STUDY - Choose any company and make a report: Introduction (about 100 words) Conceptual framework (300 words) Ethics (not more than 150 words) Corporate governance (not more than 150 words) Legitima ...

Culturally diverse individuals are effective workerssuppose

Culturally Diverse Individuals Are Effective Workers Suppose you work as a human resource (HR) executive at Total Solutions, Inc., a culturally and geographically diverse organization. A recent government study on human ...

Part 1problem 2aagrichem industries manufactures fertilizer

Part 1 PROBLEM 2A AgriChem Industries manufactures fertilizer concentrate and uses cost standards. The fertilizer is produced in 500-pound batches; the normal level of production is 250 batches of fertilizer per month. T ...

Writing assignment cash and receivablesassignment

Writing Assignment: Cash and Receivables Assignment Goals: - Obtain research experience in the Accounting Standards Codification - Obtain experience using SEC filings and the SEC website - Practice writing concise accoun ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen