For self-employment tax purposes, which of the following is not considered earnings from self-employment? A. Guaranteed...
For self-employment tax purposes, which of the following is not considered earnings from self-employment?
A. Guaranteed payment received from a partnership by a limited partner for services (s)he has performed.
B. Distributive share of income from an operating partnership received by a general partner.
C. Net profit of a delicatessen operated by a sole proprietor.
D. Salary received by a corporate officer who is also the sole shareholder.
Homework Answers
D. For self-employment tax purposes, Salary Received by a corporate officer who is also the sole shareholder is not considered earnings from self-employment.
Add Answer to:
For self-employment tax purposes, which of the following is
not considered earnings from self-employment?
A. Guaranteed...
Which of the following is false regarding a guaranteed payment? It is recognized as income by...
Which of the following is false regarding a guaranteed payment? It is recognized as income by the recipient partner in the taxable year received It is either a deductible expense or a capital expenditure to the partnership. It is ordinary income to the partner receiving the payment. It is determined without regard to partnership income. It is added to a partner's distributive share of ordinary income in calculating self-employment income.
Which type of income is not subject to self-employment tax?
Which type of income is not subject to self-employment tax?Net profits from sole proprietorship.Wages, salaries, and tips received as an employee.Distributive share of partnership income.Non-employee compensation.
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity...
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity as owner Separate entity from owner Separate entity from owner Separate entity from owner Separate entity from owner Tax Year Same as owner Majority interest rules; principal partner rules; or the least aggregate deferral of income rule; exceptions may be the business purpose of 444 election Calendar or fiscal year Calendar year; 444 election; or business purpose demonstrated Depends on tax status as sole...
for the tax year, OPQ partnership reported $42000 net ordinary income, $5000 intert income, $600 charitable...
for the tax year, OPQ partnership reported $42000 net ordinary income, $5000 intert income, $600 charitable contribution, and $18000 179 deduction. Pat is a general partner who owns a 20% interest in OPQ. In addition to her share of ordinary income, she received a $12000 guaranteed payment and had a $0 of distributions during the year. what is the amount of Play's self employment income from OPQ?
Required information Problem 20-61 (LO 20-4) [The following information applies to the questions displayed below.) The...
Required information Problem 20-61 (LO 20-4) [The following information applies to the questions displayed below.) The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $19.000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest...
for the tax year, OPQ Partnership reported $42000 net irdinry income, $5000 interst income, $600 charitable...
for the tax year, OPQ Partnership reported $42000 net irdinry income, $5000 interst income, $600 charitable contributionand $18000 179 deduction. pat is a general partner who owns 20% interest in OPQ. in addition to her share of ordinary income, she receives $12000 guaranteed payment and had $0 distributions during the year. what is the amount of Pat’s self-employment income from OPQ?
Required information The following information applies to the questions displayed below.) The partnership agreement of the...
Required information The following information applies to the questions displayed below.) The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $17,400, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land ($1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 90,...
Question 20 of 75. For the tax year, OPQ Partnership reported $42,000 net ordinary income, $5,000...
Question 20 of 75. For the tax year, OPQ Partnership reported $42,000 net ordinary income, $5,000 interest income, $600 charitable contribution, and $18,000 $179 deduction. Pat is a general partner who guaranteed payment and S0 distributions during the year. What is the amount of Pat's self-employment income from owns a 20% interest in OPQ. She received a $12,000 OPQ? $4,680 O $4,800 O $8,400 o $16,800
68. Which of the following statements is false? Partners may contribute additional capital to the partnership...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS) 1. Standard deduction for tax purposes are:...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS) 1. Standard deduction for tax purposes are: a. Deductions from AGI (Adjusted Gross Income) b. Made up of basic and additional deductions Permitted only for those using form 1040EZ or 1040A c. d. All of the above e. Only a and b above. 2. T, F. Exemptions unlike standard deductions are not deducted from AGI 3. T, F. Exemptions provide taxpayers with their biggest tax deductions 4. T, F. Any person filing a...
Which of the following is false regarding a guaranteed payment? It is recognized as income by the recipient partner in the taxable year received It is either a deductible expense or a capital expenditure to the partnership. It is ordinary income to the partner receiving the payment. It is determined without regard to partnership income. It is added to a partner's distributive share of ordinary income in calculating self-employment income.
Required information Problem 20-61 (LO 20-4) [The following information applies to the questions displayed below.) The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $19.000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest...
Required information The following information applies to the questions displayed below.) The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $17,400, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land ($1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 90,...
Question 20 of 75. For the tax year, OPQ Partnership reported $42,000 net ordinary income, $5,000 interest income, $600 charitable contribution, and $18,000 $179 deduction. Pat is a general partner who guaranteed payment and S0 distributions during the year. What is the amount of Pat's self-employment income from owns a 20% interest in OPQ. She received a $12,000 OPQ? $4,680 O $4,800 O $8,400 o $16,800
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS) 1. Standard deduction for tax purposes are: a. Deductions from AGI (Adjusted Gross Income) b. Made up of basic and additional deductions Permitted only for those using form 1040EZ or 1040A c. d. All of the above e. Only a and b above. 2. T, F. Exemptions unlike standard deductions are not deducted from AGI 3. T, F. Exemptions provide taxpayers with their biggest tax deductions 4. T, F. Any person filing a...
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