Question

The only income Ramon needs to report on his Schedule C is his income from Form 1099-K, Payment Card and Third Party Network Transactions.

a. True
b. False

Answer 1

False

The statement stated above is not true.

Step-by-step explanation:

• Ramon needs to keep report into his Schedule C is his income from Form 1099-K is not only the entity but other aspects too along with Payment Card and Third Party Network Transactions.

• Sole - Proprietors income is reported on their schedule C as a gross receipts that subjects to the tax related to the self employment.
• It is the form used to prepare report on the payments received through different third party networks.