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3 years ago

Who is responsible for payment of self-employment tax on fees received by a professional fiduciary?

1 answer:

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If a person is self employed, they are responsible for paying their own taxes. There are tables available on line to calculate the amounts. They should be paid no less than quarterly. If the income is significant, an account should be set up, or they should be paid more frequently. There are fees for late payments.

You might be interested in

What type of tax are sales tax and excise tax?

m_a_m_a [10]

Answer:

Indirect tax

Explanation:

Indirect tax are the types of tax that are collected by intermediaries or agents for the person that directly bears the burden on behalf of the government , and eventually remitted to the respective government account.

They are always charged and added to the price of a commodity under a relevant section on the invoice. In this category are sales tax excise tax, service tax and others

6 0

4 years ago

Measures defined by management and used to internally evaluate the success of a firm's financial, business process, customer,

ladessa [460]

Complete Question:

Measures defined by management and used to internally evaluate the success of a firm's financial, business process, customer, and learning and growth are called

A. parameters.

B. the balanced scorecard method.

C. BPM.

D. KPIs.

E. benchmarks.

Answer:

D. KPIs.

Explanation:

Measures defined by management and used to internally evaluate the success of a firm's financial, business process, customer, and learning and growth are called KPIs.

KPIs is simply an acronym for key performance indicators.

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4 years ago

Prepare the December 31 entry assuming it is probable that Scorcese will be liable for $900,000 as a result of this suit. (If no

Misha Larkins [42]

Answer:

Debit legal expense/penalties (p/l) $900,000

Credit Provisions (B/s) $900,000

Explanation:

According to IAS 37 Provisions, contingent liabilities and contingent assets, a provision is to be recorded where there is a present obligation as a result of a past event and the outflow of economic benefits to satisfy the obligation is probable.

Hence if it is probable that Scorcese will be liable for $900,000 as a result of this suit, a provision is needed and will be recorded by;

Debit legal expense/penalties (p/l) $900,000

Credit Provisions (B/s) $900,000

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3 years ago

1. Suppose the Kenyan shilling (KS) is currently traded at KS 1.4/$.The Ethiopian Birr (EB) is traded at E B1.39/$.Ignoring tran

otez555 [7]

Answer:

The answer is KS 1.01/EB.

Explanation:

This is an example of a cross rate.

Cross rate refers to an exchange rate between two currencies that is calculated based on the exchange rate of each of the two currencies to a third currency.

For this question, the cross rate KS/EB will be estimated by reference the US dollar which is third currency. This can be calculated by simply dividing the KS 1.4/$ by the E B1.39/$ as follows:

KS/EB = 1.4 / 1.39 = 1.01

That is, the answer is KS 1.01/EB.

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4 years ago

Cody was surprised to learn that not everyone would receive a bonus this year. instead, management planned to rank all of the em

Elden [556K]

The answer is forced ranking. Forced Ranking Performance Review System, refers to the management tool wherein the management intensely evaluates its employees yearly to identify the best and the worst performing employees in the firm or business, using person-to-person comparisons, in the situation given only the top twenty percent in terms of sales will be able to receive a bonus, which shows exactly what Forced Ranking is all about.

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3 years ago