Question
Jordan (single, age 30), a real estate broker (self-employed), had the following income and expenses: Commission income 180,000 Medical insurance premium paid for his staff
Jordan (single, age 30), a real estate broker (self-employed), had the following income and expenses:
Commission income | 180,000 |
Medical insurance premium paid for his staff | 10,000 |
Office staff salary expense | 40,000 |
Medical insurance premium paid for himself | 7,000 |
Office rental expense | 30,000 |
Unreimbursed medical expenses paid for himself | 5,000 |
Which of the following statement is correct?
- A.
Jordan will report $93,000 as his business income (from Schedule C) and his AGI is $88,000.
- B.
Jordan will report $100,000 as his business income (from Schedule C) and his AGI is 93,000.
- C.
Jordan will report $110,000 as his business income (from Schedule C) and his AGI is $95,870.
- D.
Jordan will report $100,000 as his business income (from Schedule C) and his AGI is $80,935.
- E. Jordan will report $100,000 as his business income (from Schedule C) and his AGI is $85,93
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