Business, 29.11.2020 14:40 lexibyrd120
Michael operates his health food store as a sole proprietorship out of a building he owns. Based on the following information regarding Year 6, compute his net self-employment income (for SE tax purposes) for Year 6.Gross receipts $100,000Cost of Goods Sold 49,000Utilities 6,000Real estate taxes 1,000Gain on sale of business truck 2,000Depreciation expense 5,000Section 179 expense 1,000Mortgage interest on building 7,000Contributions to Keogh retirement plan 2,000Net operating loss (NOL) from Year 5 10,000a. $24,000b. $16,000c. $31,000d. $14,000
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Michael operates his health food store as a sole proprietorship out of a building he owns. Based on...
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