What amount should makayla report as profit or loss

Assignment Help Taxation

Reference no: EM133310971

Question: Makayla Jennings (34) is filing as a single taxpayer. During the year, she earned $53,000 in wages from her job as a high-school English teacher. Makayla has always been an avid reader, and in addition to her teaching job, she had an opportunity in early 2021 to lead a book club at a nearby community center. Makayla led the book club from early January until the end of 2021. The community center paid Makayla for her work, and in early 2022, she received a Form 1099-NEC reporting $510 for nonemployee compensation in box 1.

The community center is within walking distance of Makayla's home, so she did not have any vehicle or travel expenses. Her only business-related expense was for $50 in supplies.

Makayla had no other income during the year.
What amount should Makayla report as profit or loss from business? What is the amount of Makayla's self-employment tax?

Reference no: EM133310971

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