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Determine james total of self-employment and income taxes

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Reference no: EM132010067

Question - James operates a daycare center in his home as a sole proprietorship. He has gross revenues of $15,000 and the following expenses:

Cost of food $1,200; allocated costs of using the home $900; allowable depreciation $500; reasonable

Salary for his 16 year old daughter for after-school helps $3,000.

a. Determine James's net income from the sole proprietorship in 2014.

b. Determine James's total of self-employment and income taxes if her marginal tax rate is 25 Percent.

Reference no: EM132010067

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