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Besides fill the form 1040 and schedule C , please give me the specific details of the work.
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Running head: ANSWER TO QUESTIONS
1
Answer to Questions
Name
Institution
ANSWER TO QUESTIONS
2
Answer to Questions
Are there any taxes Mollie is responsible for paying in relation to her business? Where
would they be reported?
Mollie is responsible for the payment of self-employment tax for the income profit
generated by the business for the reporting year, which is $35,501. As a sole proprietor, Mollie is
expected to make contributions to the Social Security and Medicare Systems when paying her
other income taxes. Unlike employees that contribute half of their earnings into the program,
Mollie is expected to pay the entire 15.3% and report it on Schedule SE.
Calculate any taxes from #1.
The net profit for Mollie’s business in 2016 is $35,501.
The self-employment tax payable at the rate of 15.3% is 35,501 x 15.35 = $5,431.653
If there are any items above that are not reported on Schedule C, list those items.
Identify where they should be reported, or if they should not be reported. If they should
not be reported? why not?
All the items listed in the financial statement are to be reported in Schedule C
SCHEDULE C
(Form 1040)
Profit or Loss From Business
OMB No. 1545-0074
2017
(Sole Proprietorship)
to www.irs.gov/ScheduleC for instructions and the latest information.
▶ Attach to Form 1040, 1040NR, or 1041; partnerships generally must file Form 1065.
▶ Go
Department of the Treasury
Internal Revenue Service (99)
Attachment
Sequence No. 09
Name of proprietor
Social security number (SSN)
Mollie Gee
A
Principal business or profession, including product or service (see instructions)
B Enter code from instructions
DIY for Dummies
C
Business name. If no separat...