Multiple Choice
Wilhelmina operates a daycare center in her home as a sole proprietorship.She 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 her 16 year old daughter for after-school help $3,000.
A) Determine Wilhelmina's net income from the sole proprietorship in 2013.
B) Determine Wilhelmina's total of self-employment and income taxes if her marginal tax rate is 25 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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