All categories

3 years ago

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

1 answer:

8 0

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

For human services pleaseeeeeeeeeeee help <3

yaroslaw [1]

Answer:

gghddhshdjshsjgsgsgshsnssmad

7 0

3 years ago

Pearsall Company's defined benefit pension plan had a PBO of $268,000 on January 1, 2021. During 2021, pension benefits paid wer

Temka [501]

The amount of the PBO at December 31, 2021, was $333800

Explanation:

The amount of PBO at december 31st is calculated as follows:

PBO on jan 1, 2021 = $268000

add: Service cost = $86000

add: interest = $26800

less: pension benefits that have been paid = $47000

now, we have to solve the above calculation

we get, PBO at dev 31 = $333800

Note: interest is calculated by multiplying the PBO amount on Jan 1,2021 with the rate of interest given.

Thus, $268000 multiply 10% = $26800

3 0

3 years ago

A _______ lease covers the landlord's expected increases in expenses by increasing the rent on an annual basis over the life of

Sveta_85 [38]

A step lease covers the landlord's expected increases in expenses by increasing the rent on an annual basis over the life of the agreement.

4 0

3 years ago

Read 2 more answers

Asymmetric information occurs when A. everyone has the same information. B. people engaging in a transaction are uncertain about

melisa1 [442]

Answer:

Option (D) is correct.

Explanation:

Asymmetric information occurs in a situation in which one of the two parties involved in a particular transaction have more information than the other party. This problem mostly occurs in a health insurance market where the a person to be insured have more information about his health than the insurance company.

Asymmetric information will result in two problems are as follows:

(i) Adverse selection

(ii) Moral hazard

8 0

3 years ago

Assume the following: The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods

adell [148]

Answer:

Direct material price variance= $12,500 unfavorable

Explanation:

Giving the following formula:

The standard price per pound is $2.00.

The actual quantity of materials purchased and used in production is 50,000 pounds.

The actual purchase price per pound of materials was $2.25.

To calculate the direct material price (spending) variance, we need to use the following formula:

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (2 - 2.25)*50,000

Direct material price variance= $12,500 unfavorable

6 0

3 years ago