Call us

Self-employment tax liability

Order this Paper

Statement of The Fact

During 2013, Larry Ramis had the following items of income and expenditure in his sole proprietorship business: $450000 gross receipts, $20000 dividends on business stock investments, $4000 capital gain on sale of stock of a supplier, $260000 cost of goods sold, $40000 utilities expenses, $70000 salaries expenses, $40000 withdrawals by Larry, and $4000 cash given form the business account to a local charity.

State the Question

What is Larry’s Schedule C business income or loss, a figure that is also used to compute the self-employment tax liability?

Order this Paper

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress | Designed by: Premium WordPress Themes | Thanks to Themes Gallery, Bromoney and Wordpress Themes