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How much is Mike's self-employment tax for 2015? Statement of Income and Expenses Mike and Maria Roman Statement of Income and Expenses for 2014 and

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How much is Mike's self-employment tax for 2015?

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Statement of Income and Expenses Mike and Maria Roman Statement of Income and Expenses for 2014 and Expected (Approximate) For 2015 CASH INFLOWS Salaries Totals RBI Gross Revenue $245,000 Total Cash Inflows CASH OUTFLOWS $245,000 Taxes Federal Estimated Tax Payments $40,000 Property Tax Principal Residence & Land $10,000 Debt Payments $50,000 Principal Residence $22,547 Auto Loan - Jeep $3,488 Auto Loan - Ram Credit Card Payments $7,968 $13,000 Total Debt Payments Living Expenses $47,002 Utilities Principal Residence $3,900 Gasoline for Autos $3,500 Gifts $1,000 Entertainment $1,750 Vacations $2,000 Church Donations $500 Clothing $2,000 Auto Maintenance $2,000 Satellite TV $2,000 Food $4,650 Total Living Expenses $23,300 RBI Expenses Fees Paid to the Three RBI Coaches $60,000 Utilities for Batting Cages $2,500 Baseball Field Maintenance $7,000 Baseball Equipment $1,000 Other Baseball Business Expenses $3,000 Total RBI Expenses $73,500 Insurance Payments MLB Health Insurance Premium $6,000 HO Insurance Principal Residence $3,000 Auto Insurance Premiums $3,300 Life Insurance Premiums (Policy A &B) $2,472 Total Insurance Payments $14,772 Total Cash Outflows $208,574 NET DISCRETIONARY CASH FLOWS $36,426

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