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
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
Chapter9: Deductions: Employee And Self- Employed-related Expenses
Section: Chapter Questions
Problem 21CE
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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
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