Question
California 540 tax Please show how you get the answer Bennett owns a tutoring business. He has contracts with several schools, vocational centers, and colleges
California 540 tax Please show how you get the answer
Bennett owns a tutoring business. He has contracts with several schools, vocational centers, and colleges to offer supplemental instruction services. His contracts total $10,475 per month. Bennett also offers private tutoring services, which total $4,900 per month. Bennet received a rebate for supplies he purchased in the amount of $200. His business expenses for the year, including depreciation, are $55,525. Bennett decided to take accelerated bonus depreciation on an equipment purchase of $3,775. What is Bennetts gross income?
a) $128,975 b) $125,200 c) $184,500 d) $125,400
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