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George worked as a Salesman for Toyboat, Inc.

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PREPARE: 1040, Schedule A, C, and SE for Form 1040, and Forms 2106 and 8829;George worked as a Salesman for Toyboat, Inc.;Salary: $80,000 ($8,500 of Fed Income Taxes & $1,800 of State Income Withheld);Expense reimbursement of $5,000 from Employer for his employee business expenses;Provide adequate expense records to employer and Return any excess reimbursement;None of the reimbursement was for Meals/Entertainment;Employer provides George with Medical Insurance worth $7,200 per year;Personal Vehicle 24,000 miles during the year ? Placed car in service on June 1, 2010.;Logged 18,000 miles for sales calls to customer office, and remainder was personal mileage;Uses standard Mileage rate method and the Business Miles driven are evenly during the year;Purchased two season tickets, $4,000 - Takes a customer to every game, discuss some business before ? during, and after games.;Client lunches, $1,500 on business meals;Took 5-day Business trip, Ended early so he spent the remaining 2-days sightseeing;Details of 5-day Business Trip Expenses: Airfare $200;Lodging $85 per day;Meals $50 per day;Taxicabs $20 per day;Marge Details;Self-employed, repairs rubber toy boats in basement of home;25% of the house?s square footage (basement);Business Code: 811490;Details of Income & Expenses: Income from rubber toys $15,000;Cost of Supplies $ 5,000;Contract Labor $ 3,500;Business Calls $ 500;Couples Home Cost $150,000 ? which the cost of the land was $20,000;The FMV of the house is $225,000 and Depreciable over a 39-yr recovery period;Details of Additional Costs: Utility Bills $2,000;Real Estate Taxes $2,500;Mortgage Interest $4,500;Cash Charitable Contributions $3,500

 

Paper#76816 | Written in 18-Jul-2015

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