Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows:

Gross income $45,000 Travel 1,000 Contribution to Presidential Election Campaign 100 Transportation 5,380 miles, using standard mileage method ?

Entertainment in total 4,200 Nine gifts at $50 each 450 Rent and utilities for apartment in total 10,500

(25% is used for a home office)

What is the net income Margaret should show on her Schedule C? Show the calculation of her taxable business income.

Gross income Expenses (describe each)

Taxable business income