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What would Schedule C look like with these costs (and income) You collected $150,000 in cash for tutoring services. You have 10 hours of tutoring
What would Schedule C look like with these costs (and income)
You collected $150,000 in cash for tutoring services. You have 10 hours of tutoring for the last week of December that was not billed to students at the rate of $100 per hour. The total rent for your office is $2,000 per month for 12 months. Utilities total $3,000 for the year. You paid a part-time receptionist $10,000 in wages to answer the phone and make appointments. You paid yourself $30,000 for the year. Your total costs for office supplies, such as pens, paper, etc., totaled $1,000 for the year. You decide that the education system is lagging in your city, and you donate $500 to your local high school. You purchased 100 Gleim books for $5 each and you sold 50 of them for $15 each. The total miles on your automobile for the year equal 7,000 miles of which 2,000 miles were for business purposes. Assume the mileage rate is .575 cents per mile. Depreciation expense on office furniture is $600 for the year. You paid $4,000 for personal health insurance for the year. You held a potluck celebration to welcome new students and bought groceries for $100. Your advertising costs total $800 for the year.
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