Question
Aaron James has a qualifying home office. The office is 500 sq. feet and the entire house is 2,500 square feet. Use the following information
Aaron James has a qualifying home office. The office is 500 sq. feet and the entire house is 2,500 square feet. Use the following information to determine his allowable home office deductions. net Income from self employment before home office business $150,000. Expenses from home (100%) Home mortage interest- 12,000. Property Tax- 4,000 Homeowners Insurance- 2,500 Utilities- 2,200
During 2018 Elena generated $24,500 of earnings on Schedule C. If Elena had no other earned income how much self employment tax will she owe on her schedule c net profit?
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