How do you report self-employment income?

Q: How to determine the estimated net cost of benefits to the employer?

A: In an organizational setting, when business activities are carried out it results in some benefits…

Q: Is anyone available to take the earned income credit regardless of age?

A: Earned income tax credit helps the individuals from lower income group to get tax refund or rebate.

Q: What is the maximum contribution that an employer can make to an employee’s SIMPLE account?

A: A SIMPLE IRA (Savings Incentive Match Plan for Workers) plan enables employees as well as employers…

Q: What payroll taxes is the employer responsible for paying?

A: Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries…

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: How to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…

A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…

Q: circumstances where the agent is granted compensation ?

A: The agents are appointed to perform or execute the functions on behalf of the principles, their…

Q: Use examples to support your answer above. (What kind of expenses is allowable for Self-employed)

A: A self employed person is the person who is working on their own means he or she is the boss of…

Q: What is personal spending? Enumerate the different personal expenses

A: Personal spending is the money spent by individuals on items, services, and experiences for…

Q: Which payroll taxes are the responsibility of the employee and which are the responsibility of the…

A: Introduction: Payroll taxes: Payroll taxes are levied on both employers and employees and are…

Q: Give reasons why migration and income inequality is positively related.

A: Migration means the movement and settlement of people, usually in large numbers, from one area to…

Q: How do I account for an advance to an employee and the resulting deduction?

A: An advance to employee means to pay the salary or money to such employee before the due date.

Q: What are some examples of income shortages when one retires?

A: Retirement planning means the process of planning the financial benefits during the work life and…

Q: What is accrual accounting?

A: Accrual basis of accounting is an accounting method based on which accrual transaction are recorded…

Q: Give the formula to determine taxable wages

A: Any money earned by an individual is subject to government taxation. Hourly pay, overtime pay, a…

Q: Record the employer's benefit expense.

A: Payroll taxes are defined as the amounts collected by the government or revenue collection authority…

Q: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: Is one who is engaged in trade or business or in the practice of profession and at the same time…

A: A person can earn income from various sources. For example, he may be employed by an employer for…

Q: What is rental income? Also, what are rental-related expenses? Give me some examples as well

A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…

Q: at is the proper way to record an advance to an employee as well as

A: A salary advance is nothing more than a loan that you can give to an employee. The advance is…

Q: Do post-retirement benefits have a comparable accounting process to pension benefits?

A: The answer:…

Q: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

Q: An experience rating, or merit rating a.  directly adjusts the benefit amount the unemployed…

A: The correct answer is option (c).

Q: What purpose does the individual employee earnings record serve?

A:

Q: Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?

A:

Q: What are the administrative expenses?

A: Administrative expenses are expenses an organization incurs that are not directly tied to a specific…

Q: How does the Federal Unemployment Tax Act affect your place ofwork or prospective career?

A: The Federal Unemployment Tax Act (FUTA) is a United States federal law that imposes a federal…

Q: Which of the following defines outstanding salary account? [A] natural personal account [B]…

A: Outstanding salary refers to the amount which a business has to pay to persons, employees for…

Q: What is the median income?

A: Income distribution specifies how the countries income or GDP is distributed among the population.…

Q: What are the challenges do CPA face in terms of their salaries?

A: CPA ( Certified Public Accountant) and their challenges with regards to salaries differ with…

Q: What are the benefits provided by Employee Retirement Income Security Act?

A: The Employee Retirement Income Security Act is an organizational law that recognizes the minimum…

Q: How is self-employment income treated differently than income earned when you work

A: Taxable income: Taxable income can be defined as income derived after adjustment of necessary…

Q: Topic: Income Taxation Active incom

A: There are two types of income active and passive income.

Q: What is accrued rent?

A: The accrual basis of accounting is the accounting done for the transaction even if the cash inflow…

Q: When would it be considered that income has arisen in relation to employee benefits?

A: The benefits or perks that are being offered to and given to the employees in addition to their…

Q: do not allo

A: In Philippines deduction is allowed from Business Income, Professional Income and mixed income but…