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QUESTION

1. During 251?, Regina, a sole proprietor, had the following income and expenses from her home jewelry business. Regina is also employed as an ofce

Hi need some income tax help. This is my assignment. Thanks.

1. During 251?, Regina, a sole proprietor, had the following income and expenses fromher home jewelry business. Regina is also employed as an office assistant at a localbusiness. 552 wages from employer $25,555Proceeds from jewelry sales 1 5,555Supplies forjewelry 5,555Travel for jewelry 1,455Charitable contributions to church 3,555 a. 1ll'lI'hat income or loss should be reported on Schedule C?b. 1Lr'li'hat is Regina‘s AGI? Beau ea med $25,555 of net earnings from a tax preparation business that he ansdun'ng tax season. He also earned a salary of $55,555 from his full—time job. How muchselLemployment tax must he pay for 251?? (Round calculations to the nearest dollar}. In 251?, Rena accepted a new job and moved from Seattle to Pittsburgh to begin work.She incuned moying expenses for her household goods and furniture of $3,555. Priorto moying, Rena flew to Pittsburgh to look fora new residence. The transportation andlodging forthis trip to Pittsburgh was $555 and her meals were $255. The cost of hertrayel during the actual move to Pittsburgh was $555, which included $5 for meals.Calculate the amount of Re na‘s moying expense deduction for 251 i". Tyrell, who is 55, had adjusted gross income of $35,555 in 251 i". During the year, heincuned and paid the following medical expenses: [lugs and medicines prescribed by doctors: $ 1,5?5Health insurance premiums: 1325Doctor and dentist fees: 1,555Hearing aid: 2?5 Tyrell receiyed $555 in 251? as a reimbursement for a portion of the doctors‘ fees. ti hewere to itemize his deductions, what would be his allowable medical expensededuction atterthe adjusted gross income limitation is taken into account?
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