Self-employed Business Income

Self-employed Business Income
Self-employed Business Income

Self-employed Business Income-Schedule C

Instructions

Use the IRS.gov website and interactive tools, linked in Required Resources, to complete all related self-employed schedules, based on the scenario information below.

Complete the tax forms required for a sole proprietorship return.

Determine if Jacob’s business is eligible for any tax credits.

Determine eligible business deductions.

Analyze official rules and instructions to correctly compute SE tax and SE deduction.

Interpret official rules and instructions to record correct entries on tax forms.

Scenario:

Jacob Weaver is a contractor operating as a sole proprietorship (EIN 12-3456789).

2016 Gross income: $243,322.25.

Business expenses:  Fuel for equipment $64,080.00

                                 Repairs and maintenance  $17,342.00

                                 Lubricants for Equipment  $9,670.00

                                 Insurance  $6,500.00

                                 Wages  $6,300.00

                                 Vehicles  $1,768.00

                                 Legal and Professional Expenses  $1,750.00

                                 Taxes and Licenses  $1,412.00

                                  Advertising  $300.00

Clients owe him a total of $53,000, for work completed in 2016.

2016 estimated tax payments were $18,000.

He is using a bedroom in his house as a home office. (Square footage of home 5,600  Office 240 sq. ft.)

He has one half-time employee, Martin, who had been unemployed since returning from Afghanistan, and is disabled.

Martin worked for Jacob for 20 hours a week, for 41 weeks of 2016.

He earned $10,500.

Jacob had to spend $7,350 for disabled access equipment for Martin.

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