### What is robert net income from his business

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Question - Robert Lento, the sole proprietor of a consulting business, has gross receipts of \$600,000 in 2017. Expenses paid by his business are:

Employee Salaries 150,000

Office rent 24,000

Supplies 18,000

Travel (other than meals) 3,800

Meals and entertainment 2,400

Utilities 3,800

Health insurance premiums for Robert 2,200

Robert purchased a new car for his business on May 15 for \$28,000. He also purchased \$50,000 of new 5-year equipment and \$238,000 of used 7-year fixtures on August 1. Robert drove the car 10,000 miles (8,000 for business and 2,000 personal miles). He paid \$200 for business-related parking and tolls. He also paid \$1,000 for insurance and \$1,200 for gasoline and oil for the new car. He would like to maximize his deductions.

a. What is Robert's net income (loss) from his business?

b. How much self-employment tax must Robert pay?

c. If this is Robert's only source of income, what is his adjusted gross income?

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