Sole proprietors are subject to self-employment taxes on net income from their sole proprietorships. True False...

Question

Question

Sole proprietors are subject to self-employment taxes on net income from their sole proprietorships. True False...

Sole proprietors are subject to self-employment taxes on net income from their sole proprietorships.

True

False

QUESTION 17

The deduction for qualified business income applies to owners of C corporations but not to flow-through entity owners.

True

False

business accounting

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Answer 1

Answer #1

Answer -

Sole proprietors are subject to self employment taxes on net income from their sole proprietorship, provided that the net income is $400 or more than $400.

Therefore, the answer is TRUE.

Answer 17 -

The deduction for qualified business income does not apply to owners of C Corporation. Pass through or flow through entity owners are eligible for deduction for qualified business income.

Therefore, the answer is FALSE.

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Answer 2

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