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Richard owns his own carpentry business as a sole proprietor and files a Schedule C with his individual income tax return. He employs three people and offers health insurance coverage for himself and the three employees. The total cost for the employees is $8,670, and $12,700 for himself and his family. What are the tax effects of these expenses if his self-employment income before any health insurance deduction is $107,000? Health insurance deduction on Schedule C $ Health insurance deduction on Schedule 1, Part II $ 12700 12700 Richard owns his own carpentry business as a sole proprietor and files a Schedule C with his individual income tax return. He employs three people and offers health insurance coverage for himself and the three employees. The total cost for the employees is $8,670, and $12,700 for himself and his family. What are the tax effects of these expenses if his self-employment income before any health insurance deduction is $107,000? Health insurance deduction on Schedule C $ Health insurance deduction on Schedule 1, Part II $ 12700 12700

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The tax effects of health insurance expenses for Richard depend on his selfemployment income Lets ca... View the full answer