Who are considered self-employed?S1 - Nicanor who is a plumber whose clients are corporationsS2 - Nicanor who is engaged by the Office of the Governor of a province under Job Order ContractS3 - Nicanor who is a social media influencerO s1All are self-employedS2

The self-employed person represents the people who are engaged in their own business, they do not…

Answered: Who are considered self-employed? S1 -…

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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Similar questions

Which of the following types of income are not considered self-employment income? Select one: a. Rental income from real estate and personal property leased with the real estate when the taxpayer is not a real estate dealer b. Capital gains c. Dividend income d. Interest income e. None of the these are considered self-employment income
which type of organization should be formed. Rob and Bran want to form a snow removal business. They are deciding between a general partnership and a limited liability company. Bran says it is important that the two have limited liability and do not pay corporate income taxes.
Corporations are required to pay taxes on O A. income from the business O B. operating expenses C. employee bonuses O D. start-up costs
ABC Corporation’s CEO owns a condominium in Bahamas where top executives and their spouses stay, from time to time, for personal leisure only. The CEO pays all upkeep and other incidental expenses of the condo. Do you think the benefit provided to the top executives would be taxable or not? It is important to note that the CEO does not use any of the corporate funds to maintain the condominium. The purpose of the benefit is to reward the employees.
The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt because they are employees of the government. TRUE OR FALSE?
Alyssa and Becky are suddenly successful candy makers and have been advised to organize their business to continue their success. They both want to avoid liability and be taxed as little as possible. Alyssa and Becky have heard about the limited liability company and corporations and have sought your advice regarding which form would better achieve their goals and how to organize their business. (a) To create and organize the business.?(b) How can Alyssa and Becky avoid being labeled as another business form? (c) What challenges might exist for creating their desired form?
The IRS spends considerable time and effort trying to distinguish whether a person is an employee or an independent contractor. Why? What standards does the IRS use to determine whether a person is an employee or independent contractor? If self-employment tax and social security tax/medicare tax are equal in amounts, why does the IRS care whether a person is an employee or independent contractor? Please answer all questions.
Visit a job board, such as Indeed, to research job postings in Taxation. Share your thoughts on one of the following: Job requirements for the position Certifications noted, if applicable Must-have skills to apply for the job Are you interested in pursuing a career in tax? Why or why not?
owners have no personal liability under which legal business structure? a. corporation b. a partnership c. a sole proprietorship d. there is liability in every legal business structure

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Who are considered self-employed? S1 - Nicanor who is a plumber whose clients are corporations S2 - Nicanor who is engaged by the Office of the Governor of a provi S3 - Nicanor who is a social media influencer