Solution-What income or loss should be reported on schedule

What income or loss should be reported on schedule c

Assignment Help Accounting Basics

Reference no: EM131977940

Questions -

Q1) During 2013, Regina, a sole proprietor, had the following income and expenses from her home jewelry business. Regina is also employed as an office assistant at a local business.

W-2 wages from employer: $28,000

Proceeds from jewelry sales: 15,000

Supplies for jewelry 5,000

Travel for jewelry 1,400

Charitable contributions to church: 3,000

a. What income or loss should be reported on Schedule C?

b. What is Regina's AGI?

Q2) Beau earned $25,000 of net earnings from a tax preparation business that he runs during tax seasons. He also earned a salary of $95,000 from his fulltime job. How much self-employment tax must he pay for 2013? (Round calculations to the nearest dollar).

Reference no: EM131977940

Questions Cloud

What is the expected current yield for this bond : What is the expected Current Yield for this bond? What is bond price expected to be in one year?

Represents a distribution of sample means : Which graph best represents a distribution of sample means for 600 samples each with a sample size of 5?

Calculate the payback period for each project : Calculate the payback period for each project and post only your answer. Calculate the NPV for each project and post only your answer.

Estimate the probability that a randomly selected consumer : In a study of brand recognition, 735 consumers knew of MicroSoft, and 23 did not. Use these results to estimate the probability that a randomly selected

What income or loss should be reported on schedule c : During 2013, Regina, a sole proprietor, had the following income and expenses from her home jewelry business. What income or loss should be reported on Schedule

Describe the type of role in health financial management : Describe the type of role you would like to have in health financial management. Would you prefer to be a managerial accountant or financial manager? Why??

Proportion of adults believing in global warming : Construct a 95% confidence interval estimate of the proportion of adults believing in global warming. Show all work. Just the answer, without supporting work

Calculate radek cost of equity capital : Using this information and assuming that the risk-free rate is 5.3% and the market risk premium is 7.3%, calculate Radek's cost of equity capital

What is the equivalent taxable yield on the bond : A tax free municipal bond a yield of 2.34%. what is the equivalent taxable yield on the bond given a 28% tax bracket?

User Account

All Pages

What income or loss should be reported on schedule c

Reference no: EM131977940

Reference no: EM131977940

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT