Betty, a salesperson, is an employee with $52,000 AGI who maintains a home office for the convenience of her employer, Smart Systems. The office takes up 5% of all Betty’s home and is used exclusively for her job. Smart Systems reimburses all of Betty’s direct costs of maintaining the home office. Betty also has the following expenses associated with her home: Expense Amount
Real property taxes on residence $3,500
Interest expense on residence 5,000
Operating expenses on residence 1,800
Depreciation on residence (based on 5% home office use) 150
Considering these facts, how much may Betty deduct from AGI on her tax return assuming she elects to itemize deductions?

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

Jillian wants to plan her finances because she wants to create and maintain her tax and credit history. she also wants to chart out all of her financial transactions for the past federal fiscal year. what duration should jillian consider to calculate her finances? from (march or january )to (december or april)?

Health insurance protects you if you experience any of the following except: a: if you have to be hospitalized b: if you damage someone's property c: if you need to visit a clinic d: if you can't work because of illness