bart has the following income and expenses for his schedule c: total revenue $ 102,480 wages (46,000 ) payroll taxes (3,519 ) payroll tax penalties (300 ) license fee (200 ) supplies (5,300 ) cell phone (588 ) meals (3,000 ) internet service (780 ) what is bart's self-employment income

Wages are certainly deductible, as are payroll taxes. Licensing Fees are deductible as are supplies and utilities related to the business. The utilities would be the cell phone bill and internet service. Meals are deductible but only 50% of them. Therefore of the $3,000 meal total, only half of that, or $1,500 is deductible. To calculate the total self-employment income we will take the total revenue figure and deduct the dollar amounts of the allowable expenses listed above.

Revenue = $102480

Wages = ($46000)

Payroll taxes = ($3519)

License fees = ($200)

Supplies = ($5300)

Cell phone = ($588)

Meals = $3000*50% = ($1500)

Internet services = ($780)

Computing the income:

$102,480 - $46,000 - $3,519 - $200 - $5,300 - $588 - $1,500 - $780

= $44,593

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