Form 1099 misc Study guides, Class notes & Summaries

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? CORRECT ANSWER 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? CORRECT ANSWER • 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. • Unde...

CPP Practice Exam 208 Questions with Verified Answers From what taxes are cafeteria plan contributions generally exempt? A. SS, Medi, FIT, and FUTA B. FIT and SIT C. SS, Medi, FUTA, and SUI D. SS, Medi, FIT, and SIT - CORRECT ANSWER A. Social Security, Medicare, FIT, and FUTA Reference 4.5 Cafeteria Plans In which boxes on the W-2 would you report the adoption assistance? A. Boxes 3, 4, 5, 6 B. Boxes 1, 2, 3, 4, 5, 6, 12 - Code T C. Boxes 3, 4, 5, 6, 12 - Code A D. Boxes 3...

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - ANSWERSForm 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? - ANSWERS• 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 m...

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - ANSWERSForm 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? - ANSWERS• 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 m...

Under the Internal Revenue Code (IRC), an employer has the following obligations for employees: correct answers Withholding income tax Withholding social security tax Withholding Medicare tax Paying employer's share of social security tax Paying employer's share of Medicare tax Paying federal unemployment tax Name several types of workers correct answers Common Law Employee Independent Contractor Statutory Employee Statutory Nonemployee Temporary Help Agency Employee Leased ...

Certified Payroll Professional Exam (CPP) Part 1|40 Questions with Verified Answers Payroll Concept Workers Status - CORRECT ANSWER Form SS8 is the IRS determination of EE or IC status. Reasonal Basis Test aka Safe Harbor Rules Sec 530-Alls ee to be treated like a IC for specific reasons such as a court order, IRS audit results, Attorney or CPA advisement, or long standing industry standard for that job role. Common Law Test- see chart for example EE is required to comply with ER instructions...

Certified Payroll Professional Exam (CPP) Part 2|95 Questions with Verified Answers Topic - CORRECT ANSWER Definition Knowledge of workers' compensation regulations - CORRECT ANSWER Knowledge of federal tax levy requirements - CORRECT ANSWER Knowledge of wage attachment/garnishment rules (e.g., Consumer Credit Protection Act - Bankruptcy) - CORRECT ANSWER Knowledge of child support withholding order regulations - CORRECT ANSWER Knowledge of medical support order regulation...

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - correct answer 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? - correct answer • 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. • ...

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - CORRECT ANSWER 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? - CORRECT ANSWER • 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. • ...

Fundamental Payroll Certification Exam 35 Questions with Verified Answers Employee - CORRECT ANSWER Anyone who performs services for you is generally your employee if you can control what work is accomplished and how it is accomplished. Common-law employees - CORRECT ANSWER A worker whose services are performed under common-law rules for an employer is his or her employee if that employer controls what and how the job will be done. Independent contractor - CORRECT ANSWER A payer has c...