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Question 2: How is self-employment income calculated?

Question 2: How is self-employment income calculated?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 2: How is self-employment income calculated? Answer: A. Self-employment income = Revenue B. Self-employment income = Revenue + Expenses C. Self-employment income = Revenue - Expenses D. Self-employment income = Expenses Question 3: A flexible spending account is a common type of Answer: A. cafeteria plan B. medical plan C. retirement plan D. mandatory deduction
Transcribed Image Text:Question 2: How is self-employment income calculated? Answer: A. Self-employment income = Revenue B. Self-employment income = Revenue + Expenses C. Self-employment income = Revenue - Expenses D. Self-employment income = Expenses Question 3: A flexible spending account is a common type of Answer: A. cafeteria plan B. medical plan C. retirement plan D. mandatory deduction
Question 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimu wage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens next? Answer: A. O Rachel's employer pays her additional wages to compensate for the deficit. B. O Additional pooled tips must be allocated to Rachel to compensate for the deficit. C. O This circumstance is acceptable, so no action is necessary. D. O Her employer may be required to pay her additional wages, depending on her total earnings in subsequent weeks.
Transcribed Image Text:Question 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimu wage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens next? Answer: A. O Rachel's employer pays her additional wages to compensate for the deficit. B. O Additional pooled tips must be allocated to Rachel to compensate for the deficit. C. O This circumstance is acceptable, so no action is necessary. D. O Her employer may be required to pay her additional wages, depending on her total earnings in subsequent weeks.
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