Which of the following is false about the CARES Act? O the second largest allocation was to the hospitals and health care systems O UNLV will get about $25,000,000 O its forbids members of Congress and Senators from getting money for their businesses some people will get unemployment checks larger than their paychecks were

Which of the following is false about the CARES Act? O the second largest allocation was to the hospitals and health care systems O UNLV will get about $25,000,000 O its forbids members of Congress and Senators from getting money for their businesses some people will get unemployment checks larger than their paychecks were

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 13MCQ

See similar textbooks

Similar questions

A proposal to eliminate the tax deduction for charitable contributions would cause a negative impact on physicians’ salaries. the number of patients paying out of pocket for cosmetic surgery. the number of self pay hospital patients. hospitals budget for philanthropic donations. nurses duties.
Which of the following is the major reason why thefuture of the Social Security Trust Fund is thought to be infinancial trouble?a. Social Security taxes have been cut.b. The majority of Americans oppose the program. 577c. The ratio of retired beneficiaries to contributing workershas declined.d. Congress has no control over the Social Security program.e. None of the above.
2 For each of the following programs, identify one or more "unintended" consequences: a Rent control b Minimum wages c Medicare (free hospital care to the aged) d Improved highways making suburbs more accessible to the city e Forced integration of central-city schools f Agricultural price supports g Lowering the speed limit to 55 miles an hour to save on gasoline h Providing health insurance to children who currently are underinsured i Banning advertising of cigarettes (Hint: Consider the consequences of increased life spans for the social security system.) j National testing standards for schools
Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as independent contractors rather than as regular employees. Unlike rules for regular employees, a business does not have to pay social security (FICA) taxes and unemployment insurance payments for independent contractors. Similarly, it does not have to withhold federal, state, or local income taxes or the employee’s share of FICA taxes. The IRS has a 20-factor test determining whether a worker should be considered an employee or a contractor, but many businesses ignore those rules or interpret them loosely in their favor. When workers are treated as independent contractors, they do not get a W-2 form at tax time (they geta 1099 instead), they do not have any income taxes withheld, and they find themselves subject to self-employment taxes, by which they bear the brunt of both the employees and the employer’s share of FICA taxes. Requirements…
Uninsured motorists face the burden of paying for accidents themselves if involved in an accident. They also impose costs on others if they are unable to bear the cost of the damages to third parties. In this case, a.the government could not improve upon this outcome. b.the government could improve the market outcome by requiring everyone carry auto insurance. c.the government could improve this outcome by requiring insurance d.companies to lower premiums for all drivers.
A group of high school seniors performs volunteer services for patients at a nearby nursing home. The nursing home would not otherwise provide these services, such as wheeling patients in the park and reading to them. At the minimum wage rate, these services amount to $21,320, but their actual value is estimated to be $27,400. In the nursing home’s statement of activities, what amount should be reported as public support? $27,400 $21,320 $6,080 $–0–
A group of high school seniors performs volunteer services for patients at a nearby nursing home. The nursing home would not otherwise provide these services, such as wheeling patients in the park and reading to them. At the minimum wage rate, these services amount to $21,320, but their actual value is estimated to be $27,400. In the nursing home’s statement of activities, what amount should be reported as public support? Choose the correct.a. $27,400b. $21,320c. $6,080d. $–0–
The ACA paid for its coverage expansion with Medicare savings (payment cuts and reforms) and taxes on higher income people. In the long run, the hope is that Medicare savings from payment reforms will increase their share of the financing burden. This will serve to keep all taxes – income and Medicare-specific taxes -- lower than they would otherwise be. Unfortunately, one of the most prominent payment reforms, the shared savings version of accountable care organizations, has been shown to cost Medicare more than it saved, at least through 2016. This was primarily because: a. Less than 1/3 of Medicare beneficiaries chose to be in an ACO b. It takes at least 7 years to save money with payment reforms in health care c. Shared savings with no downside risk impart weak incentives to control total cost of care d. Primary care is the key to saving health care spending and ACOs mostly ignored primary care
Davis Construction Company has not been doing very well lately. The controller is looking over the invoices for bills that need to be paid this week, and realizes the company is approximately $7,000 short. The only account with excess cash is mandated to be used only for cases of workers' compensation. Can the controller pull the money from that account? O No, that is a short-term investment account, and the money cannot be converted into cash that quickly. O Yes, it is a cash equivalent account, which can be used to supply the money for the bills as long as the money is replaced within the month. O No, that is restricted cash and the money cannot be taken out to cover other expenses. O Yes, it is restricted cash, but as long as the money is replaced within a month of being taken out, it will balance out fine.
Which of the following statements is not correct about Medicaid? Multiple Choice The Social Security Act created Medicaid in 1965. Medicaid is a program of medical assistance to certain low-income individuals and families. Medicaid is administered by each state within certain federal guidelines. Medicaid is financed by both state and federal funds. Medicaid is provided to wealthy individuals.
FAY (Financial Advice for You) was formed as a not-for-profit and non-governmental organization by Qamar Qureshi, a retired civil servant. In his words, common people who have scarce resources and save money through extreme hardships often lose all their saving primarily because of non-availability of good financial advice. Investment banks and other financial institutions are not interested in having such common persons as their clients; nor can these people afford to pay their exorbitant fees. Retired from civil service with no personal financial worries, Qamar Qureshi has devoted his remaining life to the cause of helping the less fortunate and less informed members of the society. His organization, Financial Advice for You or FAY, offers free financial advice to anyone who knocks at its doors. However, if a better off person with considerable means approaches them for financial advice, they charge a nominal fee in order to defray some of their administrative costs. Qamar Qureshi…
Which one of the following costs is most likely to be deductible? Group of answer choices Fines paid for dumping toxic waste into a City of Denver park. Bribes to a city health inspector to ensure an “A” rating to a restaurant. The telephone bill for the headquarters of an illegal stolen car parts organization. Advertising costs for a Colorado marijuana dispensary.