Bart has the following income and expenses for his Schedule C: 1099-MISCs received: Jack’s Builders$42,000 Smith’s Fine Homes 35,750 Murphy’s Builders 24,730 Total Revenue$102,480 Wages (46,000) Payroll taxes (3,519) Payroll tax penalties (300) License fee (200) Supplies (5,300) Cell phone (588) Meals (3,000) Internet service (780) What is Bart's self-employment income?

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Answered: Bart has the following income and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bart has the following income and expenses for his Schedule C:


1099-MISCs received:
Jack’s Builders	$	42,000
Smith’s Fine Homes		35,750
Murphy’s Builders		24,730
Total Revenue	$	102,480
Wages		(46,000	)
Payroll taxes		(3,519	)
Payroll tax penalties		(300	)
License fee		(200	)
Supplies		(5,300	)
Cell phone		(588	)
Meals		(3,000	)
Internet service		(780	)

What is Bart's self-employment income?

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