Answer:
independent contractor
Explanation:
The IRS uses the following 3 criteria to determine if a worker is an employee or not:
- Behavioral: does the employer control what the worker does? if +, employee
- Financial: does the employer have control over how and what amount a worker is paid? if +, employee
- Type of Relationship: Does the worker have any written contract or any does he/she receive any type of benefits? Does the relationship between the employer and the worker permanent? If +, employee
Apparently Patrick would fit quite well into the criteria of being an employee, but since he has a written agreement that states that he is an independent contractor, then that is how he should be classified. Also, it must be considered how Patrick pays his taxes, but we were not given that information.
Some states use a more strict parameter to determine if a worker is an employee, but that is not the case here.
Answer:
$163,000
Explanation:
New adjusted basis for Carol's property will be
the Beginning basis plus capital gain minus depreciation
=$312,000 + 34,000 - $ 80,000
=$346,000 -$80,000
=$266,000
The net amount realized from the sale is
Selling cost minus closing costs
= $450,000 -$21,000
=$429,000
The capital gain will be the amount received - new adjusted basis
=$429,000 - 266,000
=$163,000
Answer: True
Explanation: In simple words, rule of thumb refers to generally accepted guidelines or principles that are not necessarily strict or accurate. These are nearly accurate as these are based on practical experiences rather than theory.
These guidelines helps the authorities in decision making if in case of any conflict the conflicting parties chooses to have an open discussion.
Hence from the above we can conclude that the the given statement is true.
Answer:
LIABILITY
Explanation:
Liabilities are money owed by an organization or company as a results of obligations rising during the course of business operations, financial debts incurred, purchase of asset and so on. It also refers to the situation of being legally responsible for the actions of something or someone. If an organization decides not to take measures—due care—to make sure that every employee knows what is acceptable and what is not, and the consequences of illegal or unethical actions, it increases his liability. This is because the organization is liable and legally answerable to the actions of its employees.
C I am pretty sure goodluck
