Question
Sharon is single, She owns a Florist Shop, She had health insurance coverage for the entire year. Her inventory on January 2, 2018 was $
Sharon is single, She owns a Florist Shop, She had health insurance coverage for the entire year.
Her inventory on January 2, 2018 was $ 27,000. Inventory on December 31, 2018 was $ 47,000.
Sharons total sales were $ 136,000 in cash and $ 60,999 in credit cards. Her accounting method is cash. Her business expenses were as follows:
Flowers $ 120,250
Helium for balloons 200
Balloons 399
Plants an greens 8,000
Business License 600
Rent 15,000
Liability Insurance 2,000
Business meals 460 (1/2 meals reduction) 230
Repair maintenance. 1,200
Fire Insurance 509
She also paid $ 350 in tax preparation fees last year. Included in the amount of tax preparation fees was $ 175 for preparing schedule C and Schedule SE as required for a sole proprietor.
Sharon paid federal estimated tax payments in the amount of $ 4,500 per quarter. All payments were made on time.
Question: select the total tax?
- $ 9,846
- $14,746
- $ 9,797
- $ 4,948
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