Someone who performs a task for a company, but is not an employee. The IRS has criteria to assist in distinguishing between an independent contractor and an employee.
Someone who performs a task for a company, but is not an employee. The IRS has criteria to assist in distinguishing between an independent contractor and an employee.
How do you determine whether a person is an independent contractor or an employee? To assist you in determining whether someone is an independent contractor or an employee, you should refer to the Internal Revenue...
if it is paid within 10 days. 1/10, net 30 This early payment discount indicates that the net amount (after any returns or allowances) is due within 30 days. However, 1% can be deducted if it is paid within 10...
and if large enough will reduce the amount of taxes withheld from the employee's paycheck. 13. When an individual who is an independent contractor provides $900 of services for a company during the current year,...
Credit 16. What is the form that must be given to an independent contractor (that is not a corporation) who received $1,000 for having provided services? Select... Form W-9 W-2 1099-NEC 17. A supplier’s credit terms...
Our Explanation of Accounts Payable provides insights on the bill paying process in a large company. Included are discussions of the three-way match, early payment discounts, end of period accruals, and more.
and ready for use.) Therefore, the answer to Question 14 is that Invoices 1, 2, 3, 4, and 5 should be debited to the long-term asset Equipment. That total cost minus any expected salvage value is then depreciated over...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
for each hour worked in excess of 40 hours per week. Mark as wrong Mark as right independent contractor This term is used to describe a nonemployee who performs a task for a company. (The company must furnish a Form...
. The federal form that summarizes the information on the employees’ W-2 forms is __________. Select... Form W-3 Form W-4 Form W-5 Form W-6 23. Generally, if a company has the right to control the services provided by...
a taxpayer identification number from an independent contractor (that is not a corporation). The taxpayer identification number is needed when the company prepares Form 1099-NEC to an individual who provided services to...
with compensation paid to __________. Select... an employee an independent contractor 39. An employee has a pay rate of $10 per hour and is paid weekly. During one week the employee worked 8 hours per day for 4 days and...
A driver of a change in the amount of a dependent variable. The independent variable is usually represented by “x”, the dependent variable by “y”, the rate of change by “b”, and the...
What is an independent variable? In accounting, an independent variable is ideally a factor that causes a change in the total amount of the dependent variable. In other words, an independent variable should be something...
What is the coefficient of correlation? Definition of Coefficient of Correlation In simple linear regression analysis, the coefficient of correlation (or correlation coefficient) is a statistic which indicates an...
What is simple linear regression analysis? What is Simple Linear Regression Analysis Simple linear regression analysis is a statistical tool for quantifying the relationship between one independent variable (hence...
What is a dependent variable? In accounting, a dependent variable is likely to be the total of a mixed cost that will change as the result of several factors. A factor that causes the change in the total cost is referred...
An item that is dependent on another item. For example, your wages would be a dependent variable and the hours you work would be the independent variable. This relationship is often expressed as y = a + bx, where y is...
A statistical tool used to determine the coefficients of the two or more independent variables involved in estimating the amount of the dependent variable. It utilizes the least-squares method for determining the...
A situation where there is correlation between the independent variables used in explaining the change in a dependent variable. When this condition exists, you cannot have confidence in the individual coefficients of the...
In regression analysis this is a statistic designated as r and ranging from -1 to +1. It indicates the percentage of correlation between the dependent variable and the independent variable(s). When this statistic is...
What is the coefficient of determination? The coefficient of determination is a statistic which indicates the percentage change in the amount of the dependent variable that is “explained by” the changes in the...
of the typical observations is referred to as an __________. 3. __________ regression analysis involves only one independent variable. 4. A cost that is partly fixed and partly variable is referred to as a mixed or...
on the independent variable. Let’s illustrate this by looking at the cost of property insurance. The cost of insuring the factory building is a fixed cost when the independent variable is the number of units...
of the outside accountants who are CPAs are not qualified to be independent auditors while others do qualify as independent auditors. Since the outside accountant is not an employee of the client, the outside accountant...
one independent variable. simple regression analysis (or) simple linear regression This type of regression analysis will have only one independent variable. Mark as wrong Mark as right y = a + bx This is the equation of...
A phrase that indicates a transaction was between two independent parties and that the resulting amount is a fair representation of the value.
Financial statements that bear the report of independent auditors attesting to the financial statements’ fairness and compliance with generally accepted accounting principles.
The statistic known as the coefficient of correlation. The range of this statistic is -1 to +1. When this statistic is squared the result is the percentage change in the dependent variable y that is explained by the...
The amount that would be agreed upon by two independent persons. The amount to be received in the ordinary course of business in an arm’s length transaction.
Regression analysis with only one independent variable.
A written opinion of an independent certified public accountant that a company’s financial statements are a fair representation of the company’s financial performance and financial position. The...
In regression analysis this is a statistic (designated as r-squared) indicating the percentage of the change occurring in the dependent variable that is explained by the change in the independent variable(s). The percent...
A statistic known as the coefficient of determination. This statistic indicates the percent change in the dependent variable that is explained by the change in the independent variable(s).
The independent organization based in the UK which develops the International Financial Reporting Standards (IFRS). The IASB has been working with the Financial Accounting Standards Board (FASB), which is based in the...
is required to make regular deposits into the bond sinking fund, which is likely managed by an independent trustee. The combination of the required deposits plus the income and gains from the sinking fund’s...
that a __________ relationship exists. Select... linear nonlinear 13. In the cost equation, y = a + bx, “y” is the __________. Select... dependent variable fixed cost independent variable 14. In the cost equation, y...
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