Comprehensive Problem 66

Comprehensive Problem 66 (Ch. 6)
Jeremy and Alyssa Johnson have been conjoin for fiver years and do not have any children. Jeremy was married previously and has one child from the prior marriage. He is freelance and operates his own computer parts store.
For the first two months of the year, Alyssa worked for Staples, Inc., as an employee. In March, Alyssa accepted a newfound job with super Toys, Inc. (ST), where she worked for the remainder of the year. This year, the Johnsons received $255,000 of gross income. Determine the Johnsons AGI accustomed the following information:
a. Expenses associated with Jeremys store include $40,000 in salary (and employment taxes) to employees, $45,000 of cost of goods sold, and $18,000 in rent and new(prenominal) administrative expenses.
b. As a salesperson, Alyssa incurred $2,000 in travel expenses link to her employment that were not reimbursed by her employer.
c. The Johnsons own a append of investment real estate. They paid $500 of real place taxes on the property and they incurred $200 of expenses in travel cost to see the property and to evaluate other similar emf investment properties.
d. The Johnsons own a rental alkali. They incurred $8,500 of expenses associated with the property.
e.



The Johnsons home was only five miles from the Staples store where Alyssa worked in January and February. The ST store was 60 miles from their home, so the Johnsons decided to move to make the commute easier for Alyssa. The Johnsons new home was only ten miles from the ST store. However, it was 50 miles from their former(prenominal) residence. The Johnsons paid a moving company $2,000 to move their possessions to the new location. They also drove the 50 miles to their new residence. They stopped on the way for lunch and spent $60 eating at Dennys. None of the moving expenses were reimbursed by ST.
f. Jeremy paid $4,500 for health redress coverage for himself. Alyssa was covered by health plans provided by her employer, notwithstanding Jeremy is not...If you want to get a full essay, order it on our website: Orderessay



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