Sharon is single, She owns a Florist Shop, She had health insurance coverage for the entire year. Her inventory on January 2, 2018 was $ 27,000. Inventory on December 31, 2018 was $ 47,000. Sharon's total sales were $ 136,000 in cash and $ 60,999 in credit cards. Her accounting method is cash. Her business expenses were as follows: Flowers $ 120,250 Helium for balloons 200 Balloons 399 Plants an greens 8,000 Business License 600 Rent 15,000 Liability Insurance 2,000 Business meals 460 (1/2 meals reduction) 230 Repair maintenance. 1,200 Fire Insurance 509 She also paid $ 350 in tax preparation fees last year. Included in the amount of tax preparation fees was $ 175 for preparing schedule C and Schedule SE as required for a sole proprietor. Sharon paid federal estimated tax payments in the amount of $ 4,500 per quarter. All payments were made on time. Question: select the total tax? $ 9,846 $14,746 $ 9,797 $ 4,948

Sharon is single, She owns a Florist Shop, She had health insurance coverage for the entire year. Her inventory on January 2, 2018 was $ 27,000. Inventory on December 31, 2018 was $ 47,000. Sharon's total sales were $ 136,000 in cash and $ 60,999 in credit cards. Her accounting method is cash. Her business expenses were as follows: Flowers $ 120,250 Helium for balloons 200 Balloons 399 Plants an greens 8,000 Business License 600 Rent 15,000 Liability Insurance 2,000 Business meals 460 (1/2 meals reduction) 230 Repair maintenance. 1,200 Fire Insurance 509 She also paid $ 350 in tax preparation fees last year. Included in the amount of tax preparation fees was $ 175 for preparing schedule C and Schedule SE as required for a sole proprietor. Sharon paid federal estimated tax payments in the amount of $ 4,500 per quarter. All payments were made on time. Question: select the total tax? $ 9,846 $14,746 $ 9,797 $ 4,948

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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