1. Which of the following is not subject to self-employment tax? a. Net earnings of the owner...
Question:
a. Net earnings of the owner of a shoe store
b. Net earnings of a self-employed lawyer
c. Distributive share of earnings of a partnership
d. Gain on the sale of real estate held for investment
e. Net earnings of the owner of a dry cleaner
a. An unemployment tax with a rate of 2.9 percent up to $117,000 of salary per employee.
b. A disability tax with a rate of 2.9 percent up to $7,000 of salary per employee.
c. An unemployment tax with a rate as low as 0.6 percent up to $7,000 of salary per employee.
d. A disability tax with a rate of 0.6 percent up to $117,000 of salary per employee.
a. None of the $1,900 is subject to FICA or Medicare tax.
b. The $1,900 is subject to the Medicare tax, but not the FICA tax.
c. $500 is subject to the FICA and Medicare tax.
d. The entire $1,900 is subject to the FICA and Medicare tax.
a. The taxpayer’s 20-year-old sister
b. The taxpayer’s wife
c. The taxpayer’s 16-year-old daughter
d. The 14-year-old babysitter from down the street
a. A nanny hired to watch their children.
b. A maid hired to clean house and cook every day.
c. An attorney with her own business, hired to handle a legal dispute with the taxpayers’ neighbor.
d. An unlicensed caregiver for a disabled spouse.
a. $3,600
b. $1,800
c. $1,350
d. $900
a. $450
b. $900
c. $2,700
d. None Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Question Posted: