Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate held for investment b. Net earnings of a self-employed lawyer c. Distributive share of earnings of a partnership d. Net earnings of the owner of a shoe store e. Net earnings of the owner of a dry cleaner

Q: List farming income of the business that will be included in the gross income for normal or income…

A: Gross income is a income from a business before any deduction and taxes paid to the government. In…

Q: . Which of the following is required to file an income tax return? A. An employee covered by the…

A: Here to discuss about the different aspect in the filling of income tax return and the…

Q: QUESTION: if Chiz is non-VAT registered, how much is the business tax payable?

A: Non Vat Register For the Non Vat register whose gross sales / gross receipts which are not crossed…

Q: Which business enterprises pay untaxed profits to owners/partners who then pay the taxes on their…

A: Profits are referred to as the gains which a business earns when it sells the good or provides the…

Q: Which of the following is paid by both the employer and the employee? Group of answer choices Social…

A: Payroll tax: Payroll taxes refer to the taxes which are equally contributed by employees and…

Q: If you were starting a business, what tax considerations might cause youto prefer to set it up as a…

A: If one person had started his business as a sole proprietorship or a partnership then the revenue…

Q: Deductions from gross income are allowed to the following income earners, except:  a. Compensation…

A: Gross income refers to the income earned by the entity exclusive of any deduction.

Q: 1. Indicate whether the following expenditures are trade or business deductions (T), production of…

A: AGI stands for Adjusted Gross Income. AGI is the difference between gross income & adjustments…

Q: can you help me how to Explain how an employer can receive a credit against the FUTA tax due.

A: FUTA stands for Federal Unemployment Tax Act under federal law of US. FUTA tax is paid by the…

Q: Which of the following types of income is subject to the self-employment tax? a.Dividends from stock…

A: First of all we need to understand what is self emploment- In simple words we can say self…

Q: Which expenses are deductible FOR AGI?   Select one: a. Loss on a sale of a personal residence and…

A: Expenses are the costs which are incurred by the person in a particular period of time. Some…

Q: Among the highlights of train law, which do you think is disadvantageous for the taxpayer? Explain

A: TRAIN is an acronym popularly used for The Tax Reform for Acceleration and Inclusion Act. It is an…

Q: Which of the following is not an income for income tax purposes?

A: Assuming the question related to tax in Phillipines ---…

Q: As indicated by IRS, when an individual has more than one area of business, including home, for a…

A: Principal Place of Business To determine the principal place of business whether individual has one…

Q: Which of the following is subject to the creditable withholding tax system?

A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…

Q: How is the unearned income of children treated for tax purposes?  Can parents include the children’s…

A: Unearned income includes investment-type income such as taxable interest, ordinary dividends, and…

Q: TRUE OR FALSE Interest on loan to purchase office equipment may be deducted as an expenses or…

A: solution : correct answer is TRUE Interest on loan to purchase office equipment may be deducted as…

Q: What is the basis of taxation of a Resident Citizen? Group of answer choices Gross Income less…

A: Basis is taxation means is what gets taxed.

Q: A taxpayer is subject to income tax and capital gains tax. Partnership can be registered as…

A: Income tax is tax charged on income earned by the taxpayer during the relevant reporting period.…

Q: the tax payer's claimed capital allowance for a car that registered under his personal name and the…

A: Job of tax agent is quite difficult because people want to save tax but our job is quite difficult…

Q: Explain the effect of guaranteed payments

A: Guaranteed payments to partners are payments meant to compensate a partner for services rendered or…

Q: Taxpayer received a tax-free benefit, perhaps a gift from a company that wanted to increase its…

A: Gifts are exempt from tax up to a certain limit. Beyond this limit the taxpayer has to pay tax on…

Q: Employer gave a certain car to its employee in consideration of the latter's services rendered to…

A: The correct answer is given in the following steps for your reference

Q: In connection with the application of the kiddie tax,

A: Internal Service Revenue [IRS] of USA tries to prevent tax evasion by…

Q: What steps must an employer follow in sequential form to calculate an employee's income tax…

A: Deductions refer to the amounts which are deducted from the gross income of the taxpayer. These…

Q: Does a sole trader have to register the business with the IRD for tax purposes in NewZealand? –…

A: IRD number is a tax tracking mechanism tool where the government checks up whether their citizen…

Q: Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the…

A: SOLUTION EXPLANATION- AS DEFINED BY U.S , INTERNAL REVENUE SERVICE "CONVENIENCE OF EMPLOYER…

Q: All the profits of a sole proprietorship are taxed as current income of the owner even if they are…

A: Sole Proprietorship : in sole proprietorship the the business is run by only one person. The owner…

Q: What are tax considerations of household employers

A: Household employee:  He is an individual who is paid to provide a service within their employer’s…

Q: Which of the following types of income are not considered self-employment income? Select one: a.…

A: Self-employment income refers to the income earned by way of trade or business income wherein the…

Q: In computing the taxable gross income of a taxpayer engaged in business and/or profession, what is…

A: When taxable income from business and profession is calculated, the already determined net operating…

Q: Which of the following is not considered a purpose of taxation?    A. To regulate B. To make the…

A: Tax means the mandatory payment made by tax payer to the government without expecting anything…

Q: Explain the tax treatment of provision of accommodation or housing benefit to an employee

A: Income Tax treatment of provision of accommodation or housing benefit to an employee : Employers…

Q: Which of the following may not result to a short period filing or tax return?     Death of a…

A: Many of the situations results in short filing of return for tax return but in many situations it is…

Q: What do you believe led to the conclusion that a sole proprietorship should report its results on…

A: Sole Proprietorship: It is a type of  enterprise that is  run and owned  by one person  and there is…

Q: ages for cost of inve gal business mbling activities

A: Gross Income - It is the total income from all sources i.e. business or services, returns,…

Q: ight or Wrong 1. A senior citizen earning minimum wage is exempt from income tax and exempt from…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s…

A: False ÷ income tax on salary income are not required to be paid to Mayor's office.

Q: Which of the following taxpayers cannot claim deductions from gross income?       General…

A: Gross income refers to the income which is earned from the wages, dividends, business income etc. In…

Q: most possible sources of income an individual taxpayer

A: Employment income or loss can be a source of income for an individual taxpayer who is an employee.…

Q: In which of the following independent situations is the taxpayer entitled to deduct expenses related…

A: A home office is the use of a portion of home (say a room) for the purpose of doing office related…

Q: What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim…

A: Investment income cannot be more than $3,500 for the 2018 tax year to claim the earned income…

Q: ous for the taxpayer? Explain

A: Meaning of Income Taxes Income taxes are the taxes which are paid on the income of an individual.…

Q: Using either the “hobby loss” (hobby vs. “trade or business”) or the “day trader” (vs. investor)…

A: Schedule C- It is an IRS form that is to be filled by a sole proprietor or say a businessman to…