Business, 26.10.2021 01:00 peytonwilson2003
Terry Hutchison worked as a self-employed lawyer until two years ago when he retired. He used the cash method of accounting in his business for tax purposes. Five years ago, Terry represented his client ABC corporation in an antitrust lawsuit against XYZ corporation. During that year, Terry paid self-employment taxes on all of his income. ABC won the lawsuit but Terry and ABC could not agree on the amount of his earnings. Finally, this year, the issue got resolved and ABC paid Terry $90,000 for the services he provided five years ago. Terry plans to include the payment in his gross income, but because he spends most of his time playing golf and absolutely no time working on legal matters, he does not intend to pay self-employment taxes on the income. Is Terry subject to self-employment taxes on this income?
Answers: 2
Business, 21.06.2019 20:20
while setting up his new office, an attorney ordered thick, frieze carpets for the floor. however, the building inspector had him remove the expensive carpeting. the building inspector stated that according to federal regulations, the office must be wheelchair accessible as it is a public area. he further explained that since wheelchairs do not maneuver well in thick, frieze carpeting, the carpets had to be removed and be replaced with smooth-textured carpets that do not restrict wheelchair maneuverability. this scenario illustrates how a company is influenced by the component of its specific environment.
Answers: 2
Business, 22.06.2019 06:40
10. which of the following is true regarding preretirement inflation? a. defined-benefit plans provide more inflation protection than defined-contribution plans. b. because of preretirement inflation, possible investment-related growth is increased for defined-contribution plans. c. all types of benefits are designed to cope with preretirement inflation. d. preretirement inflation is generally reflected in the increase in an employee's compensation level over a working career.
Answers: 3
Business, 22.06.2019 14:30
Turtle corporation produces and sells a single product. data concerning that product appear below: per unit percent of sales selling price $ 150 100 % variable expenses 75 50 % contribution margin $ 75 50 % the company is currently selling 5,600 units per month. fixed expenses are $194,000 per month. the marketing manager believes that a $5,300 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. what should be the overall effect on the company's monthly net operating income of this change?
Answers: 1
Terry Hutchison worked as a self-employed lawyer until two years ago when he retired. He used the ca...
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