How much is X's income tax due for the year? X, resident citizen, was hired by ABC
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How much is X's income tax due for the year? X, resident citizen, was hired by ABC Corp as an independent consultant. There is no employer-employee relationship between X and ABC Corp. The contract price is 500,000.In 2020, X rendered services worth 400,000 to ABC. Expenses incurred by X and ABC, in relation to their respective operations are 40,000 and 100,000, respectively. In addition, X received 80,000 from Z as rental fee for 2020. During the year, X rendered services to another corporation, C Corp, where X earned 200,000, as compensation income. X is an employee of C Corp. X opted to be subject to an 8% optional income tax rate
Related Book For
Financial Accounting and Reporting
ISBN: 978-1292162409
18th edition
Authors: Barry Elliott, Jamie Elliott
Posted Date: