Reference no: EM132665496
Problem 1: Kevin operates a floral retail store as a sole proprietorship. During tax year 2019, he had a net profit of $150,000. What is the correct amount of his self-employment tax?
Select one:
a. $19,645
b. $22,950
c. $20,497
d. $21,194
Problem 2: Justin, a teacher, spent a total of $500 on classroom supplies for his third-grade students. He asks his tax preparer if he's able to deduct any of these expenses. How much is he able to deduct, if any, and where does he report this amount on his tax return?
Select one:
a. The money Justin has spent out-of-pocket is not deductible.
b. Justin can report $250 as an adjustment to income on Schedule 1 (Form 1040), line 10 and the remaining $250 is not deductible.
c. Justin can report all his expenses as an adjustment to income on Schedule 1 (Form 1040), line 10.
d. Justin can deduct $250 as an adjustment to income on Schedule 1 (Form 1040), line 10. The remainder can be reported on Schedule A, line 21 as an unreimbursed employee expense.
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: What is the correct amount of his self-employment tax? floral retail store as a sole proprietorship. During tax year 2019, he had a net profit of $150,000.
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