Charles Is a Self-Employed CPA Who Maintains a Qualifying Office

question 67

Multiple Choice

Charles is a self-employed CPA who maintains a qualifying office in his home.Charles has $110,000 gross income from his practice and incurs $88,000 in salaries,supplies,computer services,etc.Charles's mortgage interest and real estate taxes allocable to the office total $10,000.Other expenses total $14,000 and consist of depreciation,utilities,insurance,and maintenance.What is Charles' total home office expense deduction?

• A)$10,000
• B)$14,000
• C)$22,000
• D)$24,000

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Definitions:

Units of Y

Quantitative measures of a variable Y, often used in economics to denote quantity or amount.

Units of X

The quantity of a particular good or service being referred to or utilized in an economic context.

Original Bundle

In economics, this refers to a specific combination of goods that a consumer initially chooses given their budget and prices.

Price Rise

An increase in the cost of goods or services, typically signifying inflation or market changes.