Business, 21.04.2020 04:51 Beast3dgar

Sarah owns and operates a retail sporting goods business as a sole proprietor. Her store is located on the ground floor of a two-story building that she owns. Based on the following information regarding 2017, compute her net self-employment income (for SE tax purposes) to be put onto Schedule C for that year.
Gross profit from sporting goods business = $100,000
Rental income from upper level (45%) of building = 20,000
Building depreciation expense = 10,000
Utilities for ground floor (Tenant pays own utilities.) = 4,500
Depreciation on vehicles used in business = 3,000
Gain on sale of van used 100% in business = 2,000
Contributions to her Keogh retirement plan = 5,500
Sarah's health insurance premiums = 4,000
Mortgage interest on building = 10,000
Other expenses of running her sporting goods business = 11,500
A. $70,000
B. $64,500
C. $66,000
D. $73,500

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 22:20

Amachine purchased three years ago for $720,000 has a current book value using straight-line depreciation of $400,000: its operating expenses are $60,000 per year. a replacement machine would cost $480,000, have a useful life of nine years, and would require $26,000 per year in operating expenses. it has an expected salvage value of $130,000 after nine years. the current disposal value of the old machine is $170,000: if it is kept 9 more years, its residual value would be $20,000. calculate the total costs in keeping the old machine and purchase a new machine. should the old machine be replaced?

Answers: 2

Answer

Business, 22.06.2019 00:20

Suppose that the world price of steel is $100 a ton, india does not trade internationally, and the equilibrium price of steel in india is $60 a ton. suppose that india now begins to trade internationally. the price of steel in india the quantity of steel produced in india a. does not change; does not change b. falls; increases c. falls; decreases d. rises; decreases e. rises; increases the quantity of steel bought by india india steel. a. increases; exports b. decreases; imports c. decreases; exports d. does not change; neither imports nor exports e. increases; imports

Answers: 2

Answer

Business, 22.06.2019 11:00

The following information is available for ellen's fashions, inc. for the current month. book balance end of month $ 7 comma 000 outstanding checks 700 deposits in transit 4 comma 500 service charges 120 interest revenue 45 what is the adjusted book balance on the bank reconciliation?

Answers: 2

Answer

Business, 22.06.2019 18:00

Match the different financial task to their corresponding financial life cycle phases

Answers: 3

Answer

You know the right answer?

Sarah owns and operates a retail sporting goods business as a sole proprietor. Her store is located...

Questions