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Income minus cost of goods sold, expenses and taxes for an accounting period.
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
whose members” or owners are generally treated as self-employed for tax purposes
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
employees of the corporation or they can elect to take their earnings as dividends. However, 2%+ shareholders and their direct descendants cannot take advantage of many of the fringe benefits offered to other employees of a corporation.
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
quite similar to a Sole Proprietor in that, when an individual hires domestic help, all wages along with Social Security and Medicare taxes must be reported with the individual’s 1040, on Schedule H. The employer must pay both the employee and employ
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
independent contractor, a member of a partnership, or is otherwise in business for him/herself.
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
Separate business entity. Shareholders can be considered employees of this separate entity. The shareholders invest in the company and transfer many of the liabilities to the separate entity. File tax returns, Form 1120, each tax year
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
The business and the owner are one and the same. The business does not exist without the owner and the business is not a separate entity. All business liabilities belong to the owner and the owner undertakes all risks.
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
Payments for the services of a child under the age of 18 who works for his/her parent in a sole proprietorship are not subject to Social Security or Medicare (FICA). These payments are not subject to Federal Unemployment Taxes (FUTA) until the child
Sole Proprietors
Limited Liability Companies
S Corporations
Child employed by parents
Corporations
Net Income
Household Accounts
Sole Proprietors
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