Question

During 2014, Helen, the owner of a store, has the following income and expenses:
Gross profit on sales .................. $73,000
Income from part-time job (subject to FICA) ........ 45,000
Business expenses (related to store) ........... 15,000
Fire loss on store building ................. 2,200
Dividend income ............................... 200
Long-term capital gain on the sale of a stock investment ..... 2,000
Compute Helen’s self-employment tax and allowable income tax deduction for the self-employment tax paid.


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  • CreatedMay 25, 2015
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