Sharon is single, She owns a Florist Shop, She had health insurance coverage for the entire year.

Her inventory on January 2, 2018 was $ 27,000. Inventory on December 31, 2018 was $ 47,000.

Sharon’s total sales were $ 136,000 in cash and $ 60,999 in credit cards. Her accounting method is cash. Her business expenses were as follows:

Flowers $ 120,250

Helium for balloons 200

Balloons 399

Plants an greens 8,000

Business License 600

Rent 15,000

Liability Insurance 2,000

Business meals 460 (1/2 meals reduction) 230

Repair maintenance. 1,200

Fire Insurance 509

She also paid $ 350 in tax preparation fees last year. Included in the amount of tax preparation fees was $ 175 for preparing schedule C and Schedule SE as required for a sole proprietor.

Sharon paid federal estimated tax payments in the amount of $ 4,500 per quarter. All payments were made on time.

Question: select the total tax?

- $ 9,846

- $14,746

- $ 9,797

- $ 4,948

Answer rating: 100% (QA)

C 9797 EXPLANATIONS Sharons taxable income is calculated as follows Total sales 136000 L... View the full answer