Question

In the current year, Johnice started a profitable bookkeeping business as a sole proprietor. Johnice made $38,000 in her first year of operation. What two forms must Johnice file for her business?

Answer 1

Schedule C

Schedule SE

Step-by-step explanation:

Since her business falls under small category and her net earning is above 400, the schedule C and SE are the forms she must file

SE is the self employment form that helps you figure out your net income and how much tax owed

Schedule C is a form for sole proprietors to report profit or loss, net profit from business.