What is the net income Lauren should show on her Schedule C? Show the calculation of her taxable income. In order to receive full credit, you must show all work.
started a business writing a popular syndicated tax advice column in the current year and will report a profit for her first year. Her results of operations are as follows:
|
Gross income |
$46,000 |
|
Travel expense |
3,700 |
|
Business suits, to visit magazine editors |
1,200 |
|
Transportation, 749 miles (at 57.5 cents per mile) |
431 |
|
Entertainment |
800 |
|
Subscription to accounting and tax magazines |
550 |
|
Gifts: 8 at $100 each; 3 at $20 each |
860 |
|
Rent and utilities for apartment, in total |
7,000 |
What is the net income Lauren should show on her Schedule C? Show the calculation of her taxable income. In order to receive full credit, you must show all work.
|
Gross income |
$_________ |
|
Expenses (describe each) |
|
|
|
_________ |
|
|
_________ |
|
|
_________ |
|
|
_________ |
|
|
_________ |
|
|
_________ |
|
|
_________ |
|
|
|
|
Taxable income |
$_________ |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
