Question
Makayla Jennings (34) is filing as a single taxpayer. During the year, she earned $53,000 in wages from her job as a high-school English teacher.
Makayla Jennings (34) is filing as a single taxpayer. During the year, she earned $53,000 in wages from her job as a high-school English teacher. Makayla has always been an avid reader, and in addition to her teaching job, she had an opportunity in early 2020 to lead a book club at a nearby community center. Makayla led the book club from early January until March 19, 2020, when the center closed due to COVID-19 restrictions. The community center paid Makayla for her work, and in early 2021, she received a Form 1099-NEC reporting $510 for nonemployee compensation in box 1. The community center is within walking distance of Makaylas home, so she did not have any vehicle or travel expenses. Her only business-related expense was for $50 in supplies. Makayla had no other income during the year. Question 13 of 50. What amount should Makayla report as profit or loss from business? You may refer to her partially completed Schedule C, Profit or Loss from Business, which is shown below, to assist you in answering this question. $0 $425 $460 $510 Mark for follow up Question 14 of 50.
What is the amount of Makayla's self-employment tax? You may refer to her partially completed Schedule SE, Self-Employment Tax, which is shown below, to assist you in answering this
question. $0 $65 $70 $78
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