You are self-employed. Your business earns income during the period. You are subject to which of the following taxes?    A. Income Tax B. Business Tax C. A and B D. None of these

Q: f a business owner paid for the business expenses with their personal account, and those expenses…

A: Business expenses are the rightful expenses which can be deducted on tax return as these expenses…

Q: 2. In the table below, fill in each column. In the FICA tax column, circle who pays the tax. In the…

A: Type of Worker FICA Tax Tax Rate FUTA Tax A) Employer (6.2%+1.45%)=7.65% 6%   Employee…

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income…

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting…

Q: It is mandatory for both the employer and employee to pay​ ________.

A: Payroll accounting:   The process of payroll accounting includes the computation and payment of…

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: 1. Which of the following statements is incorrect? A. Qualified job-related expenses (e.g., auto,…

A: Adjusted gross income (AGI) refers to the total gross income of an entity or an individual after…

Q: The prepaid taxes that are paid by a taxpayer can be used to reduce the tax liability of the…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: self employed taxpayers pay self employment tax on A. the gross profit of the business reduced by…

A: answer:- correct option is A) the gross profit of the business reduced by 15.3%.

Q: A minimum wage earner who is also earning a self-employment income is exempt from income tax on the…

A: A minimum wage earner who is also earning a self-employment income, will not be exempt from income…

Q: Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate…

A: Self-employment tax: It is a tax levied on the income generated from self-employment. A tax of 12.4…

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

A: The federal government developed the earned income tax credit (EITC) to help low-income and some…

Q: Which of the following does NOT apply to both a W−2 and a W−​3?     A. Reports the total amount of​…

A: IRS forms W-2 and W-3 both are submitted by the employer to Social Security Administration and both…

Q: Which of the following statements is correct regarding self-employment tax? W-2 income earned…

A: W-2 is a salary and wages form. In addition to that, W-2 also reports federal taxes and other taxes…

Q: For any given year, your income tax payable can never exceed income tax expense. a) True b) False

A: Lets understand the basics. When there is temporary taxable difference arise book profit and tax…

Q: Some people earn money that is paid to them in cash and then do not include this as income when they…

A: All people require to pay tax on all income they earn either in cash or through any other mode when…

Q: Which of the following is false regarding consumption and business tax?

A: Every person making earnings either by the business or by the doing  a job is liable to pay tax. The…

Q: Which of the following is added to a taxpayer’s gross income from business in computing the total…

A: Gross Income - It is the amount of total income earned during the particular period from all sources…

Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…

A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…

Q: Which tax is NOT withheld from an employee?  Select one: Federal tax State tax Mortgage tax All of…

A:

Q: A resident Filipino engaged in business has a cost ratio to sales of 50%. All expenses are supported…

A: Here discuss about the details of the tax deduction which are available for business which was using…

Q: 1. Which of the following is not deductible from gross income? a. Transportation expense from the…

A: Honor Code: Since you have asked multiple questions, we will solve the first question for you. If…

Q: What is the qualified business income deduction for the following problem:

A: Compute the total itemised deduction.

Q: Which of the following payroll related taxes are paid by the employer? Choose the best answer. Group…

A: Social Security Tax and Medicare Tax are taxes that are deducted from employee's salary. There are…

Q: gift from a company that wanted to increase its business. Why must taxpayer have a fmv basis in the…

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

Q: Why is it critical for employers to properly arrange their employees' taxes

A: Introduction :  Withholding taxes are collected and sent to the Internal Revenue Service (IRS) by…

Q: substituted Filing of Tax Return is applicable

A: First option is wrong because the substituted filing of tax return is available to the employee who…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: One of the following statements is correct. A choice of by an individual of the Optional Standard…

A: As opposed to the reporting of an itemized or individual deductions, the current law used to allow…

Q: Identify the following statement that is false.   a. If an employer is not required to withhold…

A: Withholding - Withholding is the portion of an employee's wages that is not included in his or her…

Q: You are employed. Your salary is your only source of income. You are subject to which of the…

A: Solution: If salary is only the source income, there we are only subject to income tax.   Business…

Q: All the listed benefits paid by an employer are required to be included in an employee's income for…

A: Taxable benefits: These includes all the benefits that are received by an employee from his…

Q: Discuss the definition of a trade or business. Why does it matter whether a taxpayer is classified…

A: Business is the operation carried by sole owner or partners that include trade and commerce and they…

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: Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…

A: SUTA: State Unemployment Tax Rate  FUTA: Federal Unemployment Tax Rate  FICA: Federal Insurance…

Q: 1.) Passive incomes of resident citizen derived from abroad is  a.subject to final tax b.Tax exempt…

A: The correct answer for the above mentioned question  is given in the following steps for your…

Q: Which of the following is a true statement with respect to the gross income test for the qualifying…

A: We will only answer the first question as it is not specified which question is to be answered.…

Q: f an employee does not complete a Form W-4, the employer must withhold tax as if the employee were…

A: A form that is filed by an employee in order to show their tax situation to their employee is known…

Q: FICA, a tax that every employer must pay has two parts. What are they? List them

A: FICA is a mandatory payroll tax equally split between employees and employers. Unlike federal income…

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: The following persons are subject to 3% common carriers' tax based on their actual or minimum…

A: Provision Gross receipts of cars for rent or hire driven by the lessee;  transportation contractors…

Q: Taxable income represents the amount of tax required to be paid to the BIR.    True or False   You…

A: Notes: “Since you have asked multiple question, we will solve the first question for you. If you…

Q: Which of the followings is included in taxpayer’s gross income (i.e., taxable)?

A: 1. a) Compensatory damage payments received from physical injury by accident caused by other party…

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: 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: What form of business pays personal income tax?

A: Income tax, as the name suggests, is calculated on the income of assessee and payable according to…

Q: . The Rock Glen House B&B is operated as a sole proprietorship and had the following income and…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…