To File a Schedule C-EZ, the Taxpayer Must

question 99

Multiple Choice

To file a Schedule C-EZ, the taxpayer must:

• A)Have gross receipts of $25,000 or less from the business.
• B)Have business expenses of $5,000 or less.
• C)Have inventory of less than $2,000 during the year.
• D)Have no more than 2 businesses.
• E)Have no more than 5 employees during the year.

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Definitions:

Reaction Center

A complex of proteins and pigments in chloroplasts or photosynthetic bacteria that initiates the light-dependent reactions of photosynthesis.

Antenna Complex

A structure within chloroplasts of plants and green algae that captures light energy and transfers it to the photosynthetic reaction centers.

Photosynthesis

Photosynthesis is the process by which green plants, algae, and some bacteria convert light energy and carbon dioxide into glucose and oxygen.

Aerobic Respiration

A metabolic process that converts oxygen and glucose into energy (ATP), water, and carbon dioxide.