i own small pass-through business has $200,000 of revenue; employee payroll expenses, including payroll taxes, of...
i own small pass-through business has $200,000 of revenue; employee payroll expenses, including payroll taxes, of $85,000; and professional expenses of $5,000. Retirement plan contributions paid by me for employees were $8,000. My own contribution to retirement plan was $2,000. What is the profit to be shown as gross income on his Form 1040?
a. $100,000
b. $102,000
c. $110,000
d. $115,000
Homework Answers
| Revenue | $200,000 | |
| Less: | ||
| Payroll expenses including payroll taxes | $85,000 | |
| Professional expenses | $5,000 | |
| Retirment plan contribution | 8000 | $98,000 |
| Gross Income | $102,000 | |
| Option B $102000 | ||
| If any doubt please comment |
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