Jim has a full-time job and occasionally designs Web sites for individuals and businesses. At the end of the year, Jim files his taxes and reports his earnings from his full-time job and his Web design contracts. Was Jim right in reporting both incomes? Why or why not?
A) Yes, because the government requires individuals to report income earned from an employer and other sources.
B) No, because the income from the Web design contracts is not considered earned income.
C) No, because the income from his full-time job is not considered earned income.
D) Yes, because the government requires individuals to report only income from a full-time job.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Jim has a full-time job and occasionally designs Web sites for individuals and businesses. At the end of the year, Jim files his taxes and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,450,000, $150,000 in the common stock account, and $2,750,000 in the additional paid-in surplus account.
Answers (1)
Gonzo consumes only two things--coke and hot dogs. We can define the addition to "happiness" of consuming an additional coke as the marginal utility of coke and that for hot dogs as the marginal utility of hot dogs.
Answers (1)
The additional benefit of producing one more roast beef sandwich at a local deli is $2. The additional cost of producing one more roast beef sandwich is $3. To improve allocative efficiency: A.
Answers (1)
One possible answer to the economic problems in West and Central Africa is A. griots. B. microcredit loans. C. imports of natural resources. D. use of its advanced technology.
Answers (1)
Acutron is a large securities dealer. Last year, the company made 240,000 trades with an average commission of $240. Because of the general economic climate, Acutron expects trade volume to decline by 20%.
Answers (2)
New Questions in Business
Solemon Company has total fixed cost of $15,000, variable cost per unit of $6, and a price of $8. If Solemon wants to earn a targeted profit of $3,600, how many units must be sold?
Answers (1)
Using the following information, what is the amount of net income? Purchases $ 33,189 Selling expenses $ 758 Merchandise inventory, September 1 7,436 Merchandise inventory, September 30 8,978 Administrative expenses 760 Sales 51,684 Rent revenue 832
Answers (1)
You are managing a project and need to cut the cost of the project. You decide to transfer workers to another job to cut the project's costs. Costs associated with transferring the workers are an example of project indirect costs. O True O False
Answers (1)
K Inc. has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 17,000 $ 12,000 Finished goods $ 46,000 $ 50,000 Additional information: Direct materials $ 57,000 Direct labor cost $ 87,000 Manufacturing
Answers (1)
Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. (Leave no cells blank - be sure to enter "0" wherever required.) A $25,000 cash gift from her parents.
Answers (1)