George Robin, a single taxpayer, has opened his own yoga studio. The following summarizes Mr. Robins schedule C for 2021.

Collections from clients $54,000

Business expenses $31,800

George purchased 2 assets during 2020 for 100% use in the studio. The two assets cost $11,000 and are not real estate. They are both 7-year properties.

Calculate the net self-employment income, self-employment tax, and deduction for self-employment tax for Georges business if

1. he elects not to use bonus depreciation or Section 179 only regular depreciation.
2. He elects to use bonus depreciation for the full amount of the assets.