1. all sources of income listed would be considered miscellaneous income and added to the...
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Accounting
1. all sources of income listed would be considered miscellaneous income and added to the tax return. None of these sources of income would be subject to self-employment tax.
2. The $15,000 nonemployee compensation and the $1000 manufacturing incentive payment (SPIFF) would be the only sources of self-employment income.
3. Prizes and awards are considered miscellaneous income.
4. oil royalties are not considered self employment income.
A taxpayer has the following sources of income other than wages this year: - Oil royalties of $1,000 - Rent of $15,000 - Non-employee compensation of $15,000 (for consulting work performed on the side) - A \$1,000 manufacturing incentive payment (SPIFF) from the manufacturer of the brand that the taxpayer sells at their job for meeting a sales goal - \$1,000 winnings from a sweepstake Is the following statement true
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