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Annual summary and transmittal of u.s. information returns

Assignment Help Accounting Basics
Reference no: EM13913811

1. Taxable tips
2. Personal allowance
3. Backup withholding
4. Form 1099-MISC
5. Roth IRA
6. Standard deduction
7. Pretax salary reductions
8. Form 1096
9. Nontaxable fringe benefits

A. Payments of at least $600 to independent contractors
B. Annual nondeductible contributions of up to $5,000
C. Annual summary and transmittal of U.S. information returns
D. Allows employers to use any basis as the time period for payment of noncash fringe benefits
E. $3,800 deduction in computing taxable income
F. Withholdings from gross pay that reduce the amount of pay subject to federal income tax
G. Qualified employee discounts
H. Amount of money used to reduce an individual's adjusted gross income to taxable income
I. Withhold federal income taxes of 28 percent of payments made
J. $20 or more in a month 

Reference no: EM13913811

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