Matthew works for Levitz Mortgage Company. The company has an accountable reimbursement plan. During the year, Levitz reimburses Matthew $5,400 for his business expenses. Matthew's adjusted gross income for the year is $45,000. His business expenses are as follows:
Airfare$2,900
Hotel1,900
Meals2,400
?
What amount will Matthew be able to deduct as a deduction from adjusted gross income?
A. $- 0 -
B. $600
C. $1,200
D. $1,500
E. $1,800
Answer: A
You might also like to view...
Select the incorrect statement from the following.
A. Actual costs are not relevant in many decisions because actual costs cannot be determined until after the decision has been made. B. Actual costs are useful for evaluating managerial performance. C. When accumulating the cost of a specific cost object, the indirect costs are allocated to the cost object. D. The difference between a direct cost and an indirect cost is that a direct cost relates to a given cost object while an indirect cost does not.
U.S. GAAP does not allow sellers of merchandise to recognize revenue from sales when the customers have the right to return goods
a. unless the firm can reasonably estimate the amount of returns. b. unless the firm uses an allowance method to do so. c. unless the firm can reasonably estimate the amount of returns and uses an allowance method to do so. d. none of the above. e. all of the above.
You can manage and protect your professional "brand" online by posting thoughtfully to blogs, writing competent e-mails?, and ________
A) ?avoiding social media sites such as Twitter and Facebook B) ?updating your resume monthly C) ?making astute comments on social media sites D) ?choosing face-to-face interactions over writing
Cassandra accepts what she believes was an offer to work for Destination Vacations, Inc., as a chef. In determining whether a contract has been formed, an element of prime importance is
A. the condition of the workplace. B. the duration of the work. C. the intent of the parties. D. the subject of the contract.