Individual proprietors report their business income and deductions on
Form 1120S.
What is Form 1120S?
Form 1120S is an IRS form used by businesses organized as S corporations to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). It is a variant of the Form 1120 and is used in place of this form by businesses that have elected to be taxed as an S corporation.
What do you mean by Proprietors?
Individual proprietors are sole proprietors who own and operate a business. They are the sole owners of the business and do not have to answer to any other shareholders or partners. They have complete control over the business and its operations, as well as the profits and losses.
Hence, the correct option is Option D.
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<span>The correct answer is once a month. You should typically monitor your checking account one a month by balancing it. You can balance your account by adding all of your deposits to the beginning balance and subtracting all the subtotal's checks made.</span>
Will typically have a strong-willed learning environment.
Answer:
Sumika has to file tax return since the income she earned from her internship of $12,400 is greater than the threshold for earned income which is $12,200.
Explanation:
A tax return is a form that needs to be filed by with a taxing authority as proof of income, expenses and tax deductions. The tax returns allow the tax payer to determine how much tax they are required to pay, when to make such payments and refunds for paying above the required amount. Nit everyone is eligible to file for tax returns depending on the individual and the laws governing tax payments. In the U.S for example, the are factors that determine whether your are eligible to file tax return or not. They are;
1. If one is listed as a dependent
2. Marital status; married or single
3. Age
4. Whether one is blind or not
So the gross income of an individual is checked against the above factors for that particular individual to determine the minimum threshold within which he/she should file tax returns. Generally anyone who is single, or someone claims you as a dependent, or you are not 65 or older or blind you can file your tax returns depending on your income. If your unearned income is greater than $1,100 and your earned income is also greater than $12,200, then you are eligible for filing tax returns. Unearned income is income generated from investments not directly related to employment while earned income is income that one has to work for. Sumika, James, Sean, and Amy's income is earned income. The only person who is suppossed to file tax returns is Sumika since her income ($12,400) is greater than the threshold for earned income ($12,200).
