James owns a small business with two employees. Which form will James need to file to report
Question:
James owns a small business with two employees. Which form will James need to file to report wages, withholding and employment taxes?
Form 940.
Form 941.
Form 720.
Form 1099-NEC.
Question 2
An employer identification number (EIN) is required for all of the following businesses EXCEPT:
JAM, a partnership with no employees.
SPA, a partnership with six employees.
James, a sole proprietor with no employees.
Shayla, a sole proprietor with two employees.
Question 3
Each of the following taxpayers may be eligible for an adjustment to income for health insurance on Schedule 1 (Form 1040) EXCEPT:
Emily, a partner in a law firm, receives a Schedule K-1 (Form 1065) reporting her share of income and deductions.
Travis, a 3% owner in an S corporation, receives Form W-2 for his wages and Schedule K-1 (Form 1120-S) reporting his share of the S corporation's income and deductions.
Maria, a 1% owner in an S corporation, receives Form W-2 for her wages and Schedule K-1 (Form 1120-S) reporting her share of the S corporation's income and deductions.
Erik, a sole proprietor who owns a printing business. He reports the income and deductions on a Schedule C (Form 1040).
