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vfiekz [6]
3 years ago
5

Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales

commissions. The other 75% came from an hourly wage paid by Tami. For income tax purposes, the IRS would probably classify Patrick as:
A) An independent contractorB) A self-employed personC) An employeeD) A real estate assistant
Business
2 answers:
melomori [17]3 years ago
7 0

Answer:

The correct answer here is C) an employee .

Explanation:

Even though Patrick has written independent contract agreement with his broker, he will be considered an employee not independent contractor because Patrick is earning 75% of his total income from his broker on a hourly wage and that is paid to him on normal pay date , while the independent contractors are paid when the accounts payable receives the invoice, usually independent contractors are paid after the completion of task or at the end of a period.

marin [14]3 years ago
7 0

Answer:

A) An independent contractor

Explanation:

The IRS uses the following 3 criteria to determine if a worker is an employee or not:

  1. Behavioral: does the employer control what the worker does? if +, employee
  2. Financial: does the employer have control over how and what amount a worker is paid? if +, employee
  3. 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.

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Mila [183]

Answer:

b. $2,720,000

Explanation:

The contribution margin is what is left after subtracting the variable cost from the sales.

From there, the company pays their fixed cost and the rest is net income.

In this case you have a company desiring to get 720,000 net income after paying their 2,000,000 fixed cost

So we come up with with formula:

Contribution Margin - Fixed Cost = Net Income

Replacing the know values, we get the unknow value. Like it was a solve for X question:

X - 2,000,000 = 720,000\\X = 2,000,000 + 720,000\\X = 2,720,000

8 0
3 years ago
Choose all that apply. Select each of the costs or consequences of being financially irresponsible. having a low credit score ea
Aleksandr [31]
I feel all can apply?
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8 0
3 years ago
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The markets for prostitution in Nevada and New Jersey have two important differences: 1) prostitutes in New Jersey face higher c
natima [27]

Answer:

Given these facts, which state would you expect the price of prostitution services to be higher? Why?

  • Since the risks associated to prostitution are higher in New Jersey, we could assume that the price for these services will be higher there. The supply curve of prostitution shift to the left, increasing the price and decreasing the quantity.

Which state would have the higher amount of services consumed (adjusted for population differences)? Why? What are the underlying economic issues of this market?

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7 0
2 years ago
If inflation in the U.S. is projected at 3% annually for the next 5years and at 7% annually in Turkey for the same time period,
GrogVix [38]

Answer:

6.86011 Turkish liras per US dollar

Explanation:

US's inflation 3% for the next 3 years

Turkey's inflation 7% for the next 3 years

current Lira/Dollar spot rate (L/$) = 5.6702 (liras per dollar)

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Since the Turkish inflation rate is higher than the American inflation rate, then the Turkish lira will depreciate faster than the US dollar.

5 0
3 years ago
A. : Anything that serves as a medium of exchange.
adelina 88 [10]
It’s money I’m pretty sure
8 0
3 years ago
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