If two or more unrelated individuals begin a company, they can use any of the following business types, EXCEPT:C CorporationPartnershipS CorporationSole ProprietorMark for follow upOwner compensation for a sole proprietor is reported as:Net profit on a Schedule C and is subject to income tax and self-employment tax.Wages on a Form W-2 and is subject to income tax only.Nonemployee compensation on Form 1099-NEC and is subject to income tax and self-employment tax.Pass-through, ordinary income on a Schedule K-1 and is subject to income tax only.Mark for follow upThe standard mileage rate can be used by:Sole proprietorships and partnerships.Only sole proprietorships.Sole proprietorships, as well as partners and shareholders who use their personal vehicle for business purposes.Any business that owns a vehicle..Circular 230 due diligence requirements apply to all of the following tax returns, EXCEPT:Individual tax returns.Entity tax returns.Tax returns that are claiming the Earned Income Tax Credit, Child Tax Credit/Other Dependent Credit/Additional Child Tax Credit, American Opportunity Tax Credit, and/or Head of Household filing status.State tax returns.Mark for follow up.If a business owner paid for business expenses with their personal account, and those expenses would otherwise be deductible, they:CANNOT be deducted on the tax return because they weren’t paid for from a business account.CAN be included on the tax return as long as proof of the expenses is sent with the return.CAN be deducted on the tax return.CANNOT be deducted because the IRS requires separate business and personal bank accounts..All of the following programs and credits were introduced in response to the COVID-19 pandemic, EXCEPT:Credit for Paid Leave.Employee Retention Credit.Family and Medical Leave Act.Paycheck Protection Program.Mark for follow upA Form 1099-K, Payment Card and Third Party Network Transactions, must be issued when the total amount of the transactions exceed:$1$400$600$20,000Mark for follow upEmployees who are absent from work due to having COVID-19 themselves are eligible to receive _____ of their daily wages, up to $511/day or $5,110 during the entire paid sick leave period.2/3.3/4.50%.100%.Mark for follow uLawSocial ScienceTax law MKT 401
