Determine whether the psi attribution rules apply

Assignment Help Accounting Basics
Reference no: EM133190155

Question - Susan smith is a physiotherapist that trade through a company (smith therapy pyt ltd). smith therapy pyt ltd advertises to the public and sees a variety of unrelated small clients.

She also rents a room in an unrelated medical clinic to see her clients. She has no employees. She is paid on a time basis for the services (hours worked) and the income she receives from this company is her only income.

She doesn't receive any other wages or payments from any other physiotherapy business.

Required -

A) Determine whether the income describe would be classified as personal service income (PSI).

B) Determine whether the PSI attribution rules apply to this arrangement by considering ALL the steps in the PSI tests.

Reference no: EM133190155

Questions Cloud

What stage of the life cycle is the dfo : Customers pay for dairy-themed food and lifestyle products with posts on Instagram and TikTok
Description of the approaches to public administrations : Description of the approaches to public administrations, description and explanation of the role of public administrations - bureaucrats
What is the free cash flow : Question - The following information has been extracted from the financial statements of a company. What is the Free Cash Flow (FCF) for 2016
Research the chinese yuan and discuss its importance : Research the Chinese Yuan and discuss its importance in the global economy, What restrictions does the government have in place to restrict free trade
Determine whether the psi attribution rules apply : She doesn't receive any other wages or payments from any other physiotherapy business. Determine whether the PSI attribution rules apply
How is each competitor trying to outsmart wyndham hotel : How is each competitor trying to outsmart Wyndham Hotel, Why do you believe the two companies are competitive rivals to Wyndham Hotel
Calculate the closing balance in the franking account : PAYG instalment paid for 2020/21 totalled $1,200 It paid a fully franked dividend of $7,000 on 29 june 2021, Calculate the closing balance in franking account
Search for small businesses : Using the Internet, search for small businesses that have used social media to start a business or expand their market share. Select two businesses to study. An
Calculate for the total material cost per unit : BTS Products Company uses an automated process to manufacture its pet replica products. Calculate for the total material cost per unit

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd