The majority of income comes from W-2 and 1099 forms. These forms include compensation for wages earned
Fantastic news! We've Found the answer you've been seeking!
Question:
The majority of income comes from W-2 and 1099 forms. These forms include compensation for wages earned as an employee (W-2) and for compensation earned as an independent contractor (1099). There are many different types of compensation reported on 1099s including consulting fees, legal fees, rent, fishing proceeds and farming income.
Class, what are some of the other types of income that must be reported on an taxpayer's tax return? How is this income reported to the taxpayer?
Expert Answer:
Answer rating: 100% (QA)
Apait rom he veomes meatored un QueStron a Ruteest DArdends Peuts ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
There are many different and varied formats and strategies for radio stations, but one thing they all have in common is the need for an audience in order to attract advertisers. Table 3.9.8 shows the...
-
There are many different types of glass; all are composed mainly of SiO 2 , but the addition of other elements can change the color and other properties substantially. One type of glass, called...
-
When reviewing the financial statements of a company, there are many different ratios to choose from. Choose a ratio that looks at liquidity, solvency and profitability and discuss its importance.
-
Exercises 5-8: Sort the list of numbers from smallest to largest and display the result in a table. (a) Determine the maximum and minimum values. (b) Calculate the mean and median. Round each result...
-
On January 1, 2017, Fletwode Corp. (Fletwode) purchased 2,250,000 common shares of Irvine Ltd. (Irvine) for $10,000,000. The investment represents a 30 percent interest in Irvine and gives Fletwode...
-
Eighty percent of all automobile accidents occur within 10 miles of the drivers home. Therefore, it is safer to take long trips. Discuss the statement and tell what possible misuses or...
-
In which section of the balance sheet are the three inventory accounts of a manufacturing business listed?
-
Paridon Motors purchases an 80% interest in Snap Battery Company on January 1, 2012, for $700,000 cash. At that date, Snap Battery Company has the following stockholders equity: Common stock ($10...
-
Jennies Inc. is evaluating a project that will increase annual sales by $150,000 and annual cash costs by $92,000. The project will initially require $120,000 in fixed assets that will be depreciated...
-
On December 31, 2015, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2016, Berclair...
-
After all the external forces are removed (so the compressed spring releases the mass) how far D along the plane will the block move before coming to a stop? The acceleration due to gravity is 9.8...
-
You receive a delivery of fresh, frozen and dry goods. How will you store these items to ensure food safety requirements, prevent spoilage and ensure security of goods?
-
For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most...
-
Four railroad cars, each of mass 2.45 x 104 kg, are coupled together and coasting along horizontal tracks at speed v; toward the south. A very strong but foolish movie actor, riding on the second...
-
A population has standard deviation a 17.5. Part 1 of 2 (a) How large a sample must be drawn so that a 99.8% confidence interval for u will have a margin of error equal to 4.5? Round the critical...
-
(a) A fire-detection device utilizes three temperature-sensitive cells acting in- dependently of each other in such a manner that any one or more may ac- tivate the alarm. Each cell possesses a...
-
The following activities are part of a project to be scheduled using CPM: ACTIVITY IMMEDIATE PREDECESSOR TIME (WEEKS) AACBDE ABCDEFG BD EF a. What is the critical path? O A-B-E-G O A-C-D-F-G O...
-
Outline a general process applicable to most control situations. Using this, explain how you would develop a system to control home delivery staff at a local pizza shop.
-
Financial statements must contain objective and verifiable data if they are to be useful. Yet, many estimates and subjective assumptions are required to facilitate the preparation of these reports....
-
In late 2006, BusinessWeek magazine (December 18, 2006) carried a report on the aftermath of the passage of the Sarbanes-Oxley Act. According to the piece, the intentions were good, but in the two...
-
Do you believe that rules-based accounting leads to unethical managerial behavior? If so, why? Do you think that rules-based GAAP allows businesses to design their financial reporting so as to stay...
Study smarter with the SolutionInn App