Question
General partners are subject to: Withholding and FICA taxes reported on their Form W-2. Income tax and self-employment tax on their share of the profit
General partners are subject to:
Withholding and FICA taxes reported on their Form W-2.
Income tax and self-employment tax on their share of the profit from the partnership as well as for any guaranteed payments.
FUTA since they are considered to be self-employed.
Capital gains taxes on all cash distributions that they receive from the partnership.
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Financial Accounting In An Economic Context
Authors: Jamie Pratt
7th Edition
0470128828, 978-0470128824
