Toshiomi Works as a Sales Representative and Travels Extensively for His

question 45

Essay

Toshiomi works as a sales representative and travels extensively for his employer's business. This yearToshiomi was paid $75,000 in salary and made the following expenditures: Toshiomi also made a number of trips to Las Vegas for gambling. This year Toshiomi won $12,000 in a poker tournament and this amount was almost enough to offset his other gambling losses ($13,420). CalculateToshiomi's taxable income if he files single with one personal exemption.

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Definitions:

Interest Earned

The income received from investing in interest-bearing financial instruments or accounts.

Net Income

The total profit or loss of a business after all expenses, taxes, and costs have been subtracted from total revenue.

Interest Expense

The cost incurred by an entity for borrowed funds over a specific period, including loans, bonds, or lines of credit.

Earnings Per Share

A company's net income divided by the number of outstanding shares of its common stock.