Breanna Vail is a self-employed accountant who has one less-than-half-time employee. During 2019, the following items existed for her business: Accounting services revenue: $100,000 Payments to Breanna: $40,000 Wages to her employee: 25,000 Rent Expense: 12,000 Tax preparation software: 3,500 Office supplies and utilities: 3,000 Payroll tax expense for her employee: 1,800 (federal and state) Business meals expenses: 1,000 Personal health insurance premiums: 3,600 Personal Social Security Tax: 7,560 What is the amount of Breanna's Schedule C earnings for 2019? a) $46,316 b) $56,000 c) $14,000 d) $54,200

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%
Breanna Vail is a self-employed accountant who has one less-than-half-time employee. During 2019, the following items existed for her business: Accounting services revenue: $100,000 Payments to Breanna: $40,000 Wages to her employee: 25,000 Rent Expense: 12,000 Tax preparation software: 3,500 Office supplies and utilities: 3,000 Payroll tax expense for her employee: 1,800 (federal and state) Business meals expenses: 1,000 Personal health insurance premiums: 3,600 Personal Social Security Tax: 7,560 What is the amount of Breanna's Schedule C earnings for 2019? a) $46,316 b) $56,000 c) $14,000 d) $54,200
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Tax consequences of home ownership
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education