Jackie chan earns a salary of 10000000 and has expenses, Ask an Expert

Accounting

Jackie Chan earns a salary of $10,000,000 and has expenses relating to his job of $220,000.

He has active rental income of $2,000,000 and has expenses relating to active rental income of $1,450,000.

He pays the following taxes: $14,000 sales; $20,000 real estate taxes on his rentals; $35,000 of real estate taxes on his home.

He pays the following interest: $32,000 on his home (4% acquisition debt); $30,000 on his rentals.

What are the tax implications and analysis that result in AGI and taxable income for Jackie? Assume the expenses were reimbursed but in a non accountable plan.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9954157

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