HRB 27 Final Exam Review Verified Study Questions And Answers
HRB 27 Final Exam Review Verified Study Questions And Answers What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? ANS Form 1099-MISC (15.6) Schedule C, Line F asks for the accounting method used in the business. What is the difference between the cash method and the accrual method of accounting? ANS • Under the accrual method, total sales and total charges for services are included in income even though payment may be received in another tax year. • Under the cash method, only income actually received or expenses actually paid during the year are included. (15.5) What does it mean if a proprietor "materially participates" in the business? ANS He is active in running the business in a substantial way on a day-to-day basis. (15.5)
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hrb 27 final exam review verified study questions
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what income reporting form should an independent c
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