Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her

Question:

Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,400 in 2020.
a. Calculate Julie's taxable income or loss. b. Calculate the business and nonbusiness portions of her