Benny is self-employed. he’s experienced a bit of success over the last few years and is now ready to purchase a home. he’s meeting with a lender later today . Benny can expect to be asked for additional documentation to verify his income.
Self-employment is the state of being able to work for yourself rather than for your employer. Tax authorities generally consider an individual to be self-employed if they choose to be recognized as self-employed or if the individual has income that is taxable.
Self-employed means doing business as a partner or owner rather than working for your employer. According to IRS guidance (page 2), a person who “trades or does business as a sole proprietorship or independent contractor” is self-employed.
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Answer:
Both of these must be included in the gross income.
Explanation:
The reason is that the employee income that is taxable includes all the benefits in monetary amount and benefits in kind. These benefits are paid to employee as a share of salary to manage his motivation. These incomes must be included in the gross income to calculate his gross income.
Answer:
B. The States
Explanation:
According to the Constitution of the United States, the national government as well as the state government have powers. There is a need however, to describe the difference between express and implied powers.
Express powers are specifically mentioned in the constitution while implied powers are powers the body of government will have as a result of its interference and connection to the express power.
Therefore, since the national government supersedes the state governments, any power that is connected to the express power constitutionally given to the federal government is referred to its implied power and as such the state is expected to also respect such.
<u>However, any power that is not express or implied to be the power of the national government according to the Tenth Amendment is expressly reserved to the States</u>
Answer and Explanation:
The possible transfer prices that could be used on transfers between the Windshield and Assembly divisions is $200 to $450.
Answer:
c
Explanation:
Marginal revenue product (MRP) is the change in total revenue when one more unit of a resource is employed.
For example :
Units of labour Revenue
1 100
2 200
The MRP of employing 2 units of labour = (200 - 100) / (2 -1) = 100
