Colby Is Employed Full-Time as a Food Technician for a Local

question 64

Essay

Colby is employed full-time as a food technician for a local restaurant chain. This year he has incurred the following expenses associated with his employment:
$\begin{array}{l}\begin{array}{lll}\text {Transportation between various restaurants}\\\text {Technician uniforms (not adaptable to daily wear)}\\\text {Professional dues and license}\\\end{array}\begin{array}{lll} \$ 280\\310\\1200\\\end{array}\end{array}$
Colby was reimbursed $125 of the expenses from his employer's accountable plan. How much of the expenses are deductible by Colby?

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Definitions:

Cost-volume-profit Analysis

A method used to determine how changes in costs and volume affect a company's operating income and net income.

Service Companies

Businesses that provide intangible products or services to consumers or other businesses rather than manufacturing goods.

Fixed

Costs that do not change with the level of production or sales activity, such as rent, salaries and insurance.

Variable

A quantity that can change or vary, often used in mathematics and statistics to represent an element that can assume different values.