40 of 75. Lynette loves to spend her free time knitting. She recently decided to start selling her hand knitted shawls to briends and family. She does this for recreation make a profit. How will Lynette report the income from this activity? Lynette does not report the income since 3 is not considered a for-profit business O Lynette will report the income in excess of expenses on Schedule 1 Foms 1040) Partn O Lynette will report the income on Schedule 1(Form 10401 Part Line B. The income won't be subject to self-employment tax O Lynette will report as gross income on Part 1 of Schedule C (Form 1040) Mark for follow up Question 41 of 75. Oscar is self-employed as a virtust assistant. He will use the single filing status, and his only source of income was a net profit of $55,000 from his business. What the amount of Oscar's self-employment tax? $10,879 $11.780 $13,423 O $14,535 Mark for follow up Question 42 of 75. Pierre is a freelance chef. He works as a personal cook, a caterer for special events, and a menu designer. His net self-employment income was $40,700 this year. His wife, Chloe, is an elementary school teacher and is eligible for a family health insurance policy through her employer. All year, Pierre paid $300 per month for his men health insurance. What is the total amount of health insurance premium that Pierre can deduct as an adjustment to income on their tax retu so $300 $1,800 $3,600 5&dred tw%20ver aproutar versaPa 23