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Chapter 4B: Schedule C Exercise 1. Which of the following does not count as self-employment income? a. Payment received for a taxpayer's coin collection b. $780 reported in box 7 of 1099-MISC c. Cash paid for helping neighbors clean their gutters d A and 2. True or false: An individual only needs to report income recorded on a tax form. If they received cash payments unreported on an official tax document (1099-K or 1099-Misc) they don't need to report that income. True b. False 3. Olivia is a self-employed masseuse and does not maintain an office in her home. She does neck massages for office workers and travels to two office buildings each work day. It is 10 miles from home to the first office, 13 miles from the first office to the second office, and 5 miles from the last office back home. How many deductible miles does Harriet drive each day? a 13 b. 15 C. 28 4. Which of these self-employed scenarios is a return able to be completed at Tax Help Colorado sites: a. Kayla started a new business towards the end of the year and received $750 in payments and had $1,000 worth of allowable expenses. b. Alex did not record his business miles and is unable to make an accurate estimate but would like to deduct the cost of vehicle repairs including new tires and a new transmission Brooke worked as a babysitter during the year. She received $13,450 in payments. Her expenses included $600 in advertisements , $900 in diapers, $300 for toys and crafts $2,550 for snacks for the children, and logged 1,380 business miles d. Cassandra sold jewelry online as an extra source of income. At the end of the year she sold 30 necklaces and 13 bracelets but at the end of the year still had 6 of each left over 5. Luis had self-employment income of $9,732 reported in box 7 of Form 1099-Misc and has receipts for tools and supplies of $2,603. When entering the expenses into the tax return, Luis noticed that his refund went down. Luis asked the tax preparer to take the expenses off the return to help get the maximum refund. Is this allowable by the IRS? a. Yes No Chapter 4B: Schedule C Exercise 1. Which of the following does not count as self-employment income? a. Payment received for a taxpayer's coin collection b. $780 reported in box 7 of 1099-MISC c. Cash paid for helping neighbors clean their gutters d A and 2. True or false: An individual only needs to report income recorded on a tax form. If they received cash payments unreported on an official tax document (1099-K or 1099-Misc) they don't need to report that income. True b. False 3. Olivia is a self-employed masseuse and does not maintain an office in her home. She does neck massages for office workers and travels to two office buildings each work day. It is 10 miles from home to the first office, 13 miles from the first office to the second office, and 5 miles from the last office back home. How many deductible miles does Harriet drive each day? a 13 b. 15 C. 28 4. Which of these self-employed scenarios is a return able to be completed at Tax Help Colorado sites: a. Kayla started a new business towards the end of the year and received $750 in payments and had $1,000 worth of allowable expenses. b. Alex did not record his business miles and is unable to make an accurate estimate but would like to deduct the cost of vehicle repairs including new tires and a new transmission Brooke worked as a babysitter during the year. She received $13,450 in payments. Her expenses included $600 in advertisements , $900 in diapers, $300 for toys and crafts $2,550 for snacks for the children, and logged 1,380 business miles d. Cassandra sold jewelry online as an extra source of income. At the end of the year she sold 30 necklaces and 13 bracelets but at the end of the year still had 6 of each left over 5. Luis had self-employment income of $9,732 reported in box 7 of Form 1099-Misc and has receipts for tools and supplies of $2,603. When entering the expenses into the tax return, Luis noticed that his refund went down. Luis asked the tax preparer to take the expenses off the return to help get the maximum refund. Is this allowable by the IRS? a. Yes No
