Module 14: Self-Employment Income and Self-Employment Tax
Nancy uses Schedule C to compute self-employment profit.
- Line 1 shows Nancy's self-employment income of $45,365 ($15,250 plus $30,115) from Forms 1099-MISC, box 7.
- Lines 8 through 27 show Nancy's self-employment expenses, which total $19,120.
- Line 31 shows Nancy's self-employment profit, $26,245.
