Question
5. When an employee/shareholder receives an income allocation from an S corporation, what taxes apply to the income allocation? A. FICA tax only. B. Self-employment
5. When an employee/shareholder receives an income allocation from an S corporation, what taxes apply to the income allocation? A. FICA tax only. B. Self-employment tax only. C. FICA and self-employment tax. D. None of these. This income will never be taxed. E. None of these. This income will be taxed, but another type of tax will apply.
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Auditing & Assurance Services A Systematic Approach
Authors: William F Messier Jr, Steven M Glover, Douglas F Prawitt
11th Edition
1260687635, 1259969444, 9781259969447, 978-1260687637
