Linda, who files as a single taxpayer, had agi of $280,000 for 2018. she incurred the following expenses and losses during the year: medical expenses (before the 7.5%-of-agi limitation) $33,000state and local income taxes 4,800state sales tax 1,300real estate taxes 6,000home mortgage interest 5,000automobile loan interest 750credit card interest 1,000charitable contributions 7,000casualty loss (before 10% limitation but after $100 floor; not in a federally declared disaster area) 34,000unreimbursed employee business expenses 7,600calculate linda’s allowable itemized deductions for the year.$

University car wash built a deluxe car wash across the street from campus. the new machines cost $219,000 including installation. the company estimates that the equipment will have a residual value of $19,500. university car wash also estimates it will use the machine for six years or about 12,500 total hours. actual use per year was as follows: year hours used 1 3,100 2 1,100 3 1,200 4 2,800 5 2,600 6 1,200 prepare a depreciation schedule for six years using the following methods: 1. straight-line. 2. double-declining-balance. 3. activity-based.

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?

Which of the following commission structures creates sales people who are highly motivated to close a sales,because their entire income depends on it?