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Tax reporting for independent contractor income

As an independent contractor for Abe & Murray's Tax Service, I earned $6,000 during My work from 1/15 through 4/30.

Regarding my income, please discuss the following items:

Q1. What type of income is this?

Q2. What expenses, if any, could be deducted from the income?

Q3. What form is used to report income to me and the IRS?

Q4. What schedule will I fill out to report this to the IRS?

Q5. What will be my anticipated tax rate?

Q6. Is it better to be paid as an independent contractor or on-staff at a company?

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Accounting Basics: Tax reporting for independent contractor income

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Tax reporting for independent contractor income

Reference No:- TGS01738968

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Accrual basis of accounting-cash basis of accounting

Q : Determine the total deductions with respect to asset

Q : Investments in corporate stock versus corporate bond

Q : Intermediate sanctions legislation in 1996

Q : Tax reporting for independent contractor income

Q : Aspects of forming the partnership

Q : Compute the activity-based overhead rate

Q : Indicate the firm tax liability

Q : What is the annual depreciation rate

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Tax reporting for independent contractor income

Reference No:- TGS01738968

Recent Questions Asked Accounting Basics

Q : Accrual basis of accounting-cash basis of accounting

Q : Determine the total deductions with respect to asset

Q : Investments in corporate stock versus corporate bond

Q : Intermediate sanctions legislation in 1996

Q : Tax reporting for independent contractor income

Q : Aspects of forming the partnership

Q : Compute the activity-based overhead rate

Q : Indicate the firm tax liability

Q : What is the annual depreciation rate

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