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

False

The statement stated above is not true.

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.