Business, 26.10.2020 02:30 sofyan00404
James Jones is the owner of a small retail business operated as a sole proprietorship. During 2019, his business recorded the following items of income and expense:
Revenue from inventory sales $147,000
Cost of goods sold 33,500
Business license tax 2,400
Rent on retail space 42,000
Supplies 15,000
Wages paid to employees 22,000
Payroll taxes 1,700
Utilities 3,600
a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in James’s 2019 Form 1040.
b. Compute self-employment tax payable on the earnings of James’s sole proprietorship by completing a 2019 Schedule SE, Form 1040.
Answers: 3
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James Jones is the owner of a small retail business operated as a sole proprietorship. During 2019,...
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