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What income or loss should be reported on schedule c

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Q1) During 2013, Regina, a sole proprietor, had the following income and expenses from her home jewelry business. Regina is also employed as an office assistant at a local business.

W-2 wages from employer: $28,000

Proceeds from jewelry sales: 15,000

Supplies for jewelry 5,000

Travel for jewelry 1,400

Charitable contributions to church: 3,000

a. What income or loss should be reported on Schedule C?

b. What is Regina's AGI?

Q2) Beau earned $25,000 of net earnings from a tax preparation business that he runs during tax seasons. He also earned a salary of $95,000 from his fulltime job. How much self-employment tax must he pay for 2013? (Round calculations to the nearest dollar).

Reference no: EM131977940

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