of the following employees, who is (are) a key employee(s) for 2020? 1. Janice, age 52,...

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of the following employees, who is (are) a key employee(s) for 2020? 1. Janice, age 52, a 5% owner who earns $45,000. She is

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Answer 1

Answer #1

Option 2 is correct: - 2 & 3 only.

Wendy owns more than 5% of the company, so she qualifies the 5% ownership test. She is Key employee.

Pat is also a Key Employee because He qualifies 1% onwerhsip test as he is earning more than specified limit and owns more than 1%. He is also a key employee.

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Add Answer to: of the following employees, who is (are) a key employee(s) for 2020? 1. Janice, age 52,...

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of the following employees, who is (are) a key employee(s) for 2020? 1. Janice, age 52,...