Bart has the following income and expenses for his Schedule C: 1099-MISCsreceived: Jack’s Builder’s $ 42 , 000 Smith’s Fine Homes 35 , 750 Murphy’s Builders 24 , 730 Total Revenue $ 102 , 480 Wages ( 46 , 000 ) Payroll taxes ( 3 , 519 ) Payroll tax penalties ( 300 ) License fee ( 200 ) Supplies ( 5 , 300 ) Cell phone ( 588 ) Meals ( 3 , 000 ) Internet service ( 780 ) \begin{array}{lr} ext { 1099-MISCsreceived: }\ ext { Jack ' s Builder ' s } & \$42,000\ ext { Smith ' s Fine Homes } & 35,750\ ext { Murphy ' s Builders } & 24,730\ ext { Total Revenue } & \$102,480\ ext { Wages } & (46,000)\ ext { Payroll taxes } & (3,519) \ ext { Payroll tax penalties } & (300) \ ext { License fee } & (200) \ ext { Supplies } & (5,300) \ ext { Cell phone } & (588) \ ext { Meals } & (3,000) \ ext { Internet service } & (780)\end{array} 1099-MISCsreceived: Jack’s Builder’s Smith’s Fine Homes Murphy’s Builders Total Revenue Wages Payroll taxes Payroll tax penalties License fee Supplies Cell phone Meals Internet service $42 , 000 35 , 750 24 , 730 $102 , 480 ( 46 , 000 ) ( 3 , 519 ) ( 300 ) ( 200 ) ( 5 , 300 ) ( 588 ) ( 3 , 000 ) ( 780 ) What is Bart's self-employment income?

Question

Bart has the following income and expenses for his Schedule C:  1099-MISCsreceived:   Jack’s Builder’s  $ 42 , 000  Smith’s Fine Homes  35 , 750  Murphy’s Builders  24 , 730  Total Revenue  $ 102 , 480  Wages  ( 46 , 000 )  Payroll taxes  ( 3 , 519 )  Payroll tax penalties  ( 300 )  License fee  ( 200 )  Supplies  ( 5 , 300 )  Cell phone  ( 588 )  Meals  ( 3 , 000 )  Internet service  ( 780 ) \begin{array}{lr}	ext { 1099-MISCsreceived: }\	ext { Jack ' s Builder ' s } & \$42,000\	ext { Smith ' s Fine Homes } & 35,750\	ext { Murphy ' s Builders } & 24,730\	ext { Total Revenue } & \$102,480\	ext { Wages } & (46,000)\	ext { Payroll taxes }  &  (3,519) \	ext { Payroll tax penalties }  &  (300) \	ext { License fee }  &  (200) \	ext { Supplies }  &  (5,300) \	ext { Cell phone }  &  (588) \	ext { Meals }  &  (3,000) \	ext { Internet service }  &  (780)\end{array}  1099-MISCsreceived:   Jack’s Builder’s   Smith’s Fine Homes   Murphy’s Builders   Total Revenue   Wages   Payroll taxes   Payroll tax penalties   License fee   Supplies   Cell phone   Meals   Internet service  ​ $42 , 000 35 , 750 24 , 730 $102 , 480 ( 46 , 000 ) ( 3 , 519 ) ( 300 ) ( 200 ) ( 5 , 300 ) ( 588 ) ( 3 , 000 ) ( 780 ) ​ What is Bart's self-employment income?

Vedika Wearana · Accepted Answer

Final Answer :   Total Income  102 , 480  Wages  ( 46 , 000 )  Payroll Taxes  ( 3 , 519 )  License Fee  ( 200 )  Supplies  ( 5 , 300 )  Cell Phone  ( 588 )  Meals  ( 50 % ) ( 1 , 500 )  Internet Service  ( 780 )  Self-employment income  $ 44 , 593 \begin{array}{lr}	ext { Total Income }  &  102,480 \	ext { Wages }  &  (46,000) \	ext { Payroll Taxes }  &  (3,519) \	ext { License Fee }  &  (200 )\	ext { Supplies }  &  (5,300) \	ext { Cell Phone }  &  (588) \	ext { Meals }(50 \%)  &  (1,500 )\	ext { Internet Service }  &  (780)\	ext { Self-employment income } & \$44,593\end{array}  Total Income   Wages   Payroll Taxes   License Fee   Supplies   Cell Phone   Meals  ( 50% )  Internet Service   Self-employment income  ​ 102 , 480 ( 46 , 000 ) ( 3 , 519 ) ( 200 ) ( 5 , 300 ) ( 588 ) ( 1 , 500 ) ( 780 ) $44 , 593 ​

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