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Wewaii [24]
2 years ago
9

*PLEASE ANSWER IT'S CONFUSING!!!* *ILL GIVE BRAINLIEST*!!!!!

Mathematics
2 answers:
lubasha [3.4K]2 years ago
8 0

Answer:

Riley and Layla will each pay personal income tax on the portion of earnings that is theirs.

Step-by-step explanation:

Just took the assessment

Simora [160]2 years ago
7 0

Taxes paid in a partnership set up or business which involves more than one person coming together to form an establishment requires that each partner pays its income tax from their earning. Hence, <em>Riley and Layla will each pay personal income tax on portion of their earnings</em>.

Partnership businesses are established and owned by partners who have put resources together.

  • Usually, at the end of each business period, business report such as the annual income report is generated where <em>cost, profit and losses are analysed</em> is generated.

  • This report forms the basis of profit sharing between partners based on each <em>individual's percentage of the </em><em>partnership</em><em> </em><em>share. </em>

  • Personal income taxes is then levied on the amount apportioned to each partner.

Therefore, <em>Riley and Layla will each pay personal income tax on the portion of their earning</em>.

Learn more :brainly.com/question/25025281

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