An employer is not required to give benefits or vacation time to an independent contractor.
An employer is not required to give benefits or vacation time to an independent contractor.
Homework Answers
This statement is true.
An independent contractor is not a company employee. Therefore, there is no burden of the employer to pay benefits or vacation. Such contractor has separate establishment of doing business and take contract of work (like the contract of answering questions) from other establishments (like a firm or a company). A contractor has to file W-9 form and is available whenever needed; therefore, the contract work is flexible too.
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An employer is not required to give benefits or vacation time to
an independent contractor.
Use your knowledge of what you have learned about the employer/employee or employer/independent contractor dynamic to...
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2. Arthur received the following benefits from his employer, Dragwood Inc. Salary $ 35,000 Vacation Pay...
2. Arthur received the following benefits from his employer, Dragwood Inc. Salary $ 35,000 Vacation Pay 800 Christmas Bonus 1,200 $35,000 Group insurance 150 for life insurance premium Thanks giving Turkey (value) 20 How much should be included in Arthur's tax return as gross income? Show computation.
$ 35,000 2. Arthur received the following benefits from his employer, Dragwo Salary Vacation Pay Christmas...
$ 35,000 2. Arthur received the following benefits from his employer, Dragwo Salary Vacation Pay Christmas Bonus $35,000 Group insurance Thanks giving Turkey (value) 800 1,200 150 for life insurance premium 20 ow much should be included in Arthur's tax return as gross income? Show computation.
Which of the following fringe benefits provided by the employer is not taxable to the employee?...
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Vacation Pay and Pension Benefits Putnam Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,700 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $435,000 during the period, and the full amount due was contributed to the pension plan administrator. Required: (a) Provide the journal entry for the vacation pay. (b) Provide the journal entry for the pension...
Vacation Pay and Pension Benefits Regling Company provides its employees vacation benefits and a defined benefit...
Vacation Pay and Pension Benefits Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $40,000 for the period. The pension formula calculated a pension cost of $222,750. Only $185,000 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does...
6. Which of the following factors, if any, is not a characteristic of independent contractor status?...
6. Which of the following factors, if any, is not a characteristic of independent contractor status? a. Work-related expenses are reported on Schedule A (Form 1040). b. Receipt of a Form 1099 reporting payments received. c. Workplace fringe benefits are not available. d. Services are performed for more than one party. e. None of these is correct. 7. Which of the following would constitute an employer-employee relationship? a. A plumber who comes to your home to fix a leaking faucet....
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Vacation Pay and Pension Benefits Osterman Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $22,000 for the period. The pension formula calculated a pension cost of $251,000. Only $15,060 was contri buted to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank Cash entry for the pension benefit. If an amount box does not require...
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2. Arthur received the following benefits from his employer, Dragwood Inc. Salary $ 35,000 Vacation Pay 800 Christmas Bonus 1,200 $35,000 Group insurance 150 for life insurance premium Thanks giving Turkey (value) 20 How much should be included in Arthur's tax return as gross income? Show computation.
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Vacation Pay and Pension Benefits Osterman Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $22,000 for the period. The pension formula calculated a pension cost of $251,000. Only $15,060 was contri buted to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank Cash entry for the pension benefit. If an amount box does not require...
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