Author Question: Which of the following statements regarding independent contractors and employees is true? (Read 69 times)

cagreen833 · **on:** Sep 13, 2020

Question 1

West's adjusted gross income was $90,000. During the current year he incurred and paid the following:

None of the expenses were reimbursed. Assuming he can itemize deductions, how much should West claim as miscellaneous itemized deductions (after limitations have been applied)?
◦ $2,700
◦ $4,500
◦ $3,500
◦ $5,300

Question 2

Which of the following statements regarding independent contractors and employees is true?
◦ Independent contractors pay Social Security and Medicare tax of 15.3%.
◦ Employees must pay unemployment taxes.
◦ Independent contractors and employees pay the same Social Security and Medicare tax rates.
◦ Independent contractors deduct their business expenses "from AGI."

kthug · **Reply #1 on:** Sep 13, 2020

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