2010_CCH_Essentials_Chapter_07 - CCH Essentials of Federal...

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 7 Self-Employment ©2009 CCH. All Rights Reserved. 4025 West Peterson Ave. Chicago, IL 60646-6085 www.CCHGroup.com CCH Essentials of Federal Income Taxation
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
CCH Essentials of Federal Income Taxation 2 of 16 Accounting Methods Cash method Taxpayers report income when they actually or constructively receive it. Accrual method Income includes amounts earned or accrued but not received; expenses include liabilities incurred but not paid. Chapter 7
Image of page 2
CCH Essentials of Federal Income Taxation 3 of 16 Examples of Self-Employment Income Consulting fees Director’s fees Earnings of a registered nurse or licensed practical nurse employed directly by the patient Fees charged by a child- care provider, unless services are provided in the parent’s home Earnings of a newspaper vendor over age 17 Fees earned by a clergy member or a Christian Science practitioner General partner’s distributive share of partnership income and loss Guaranteed payments to a partner Fees earned by a professional executor Commissions earned by a real estate agent Royalties received by an author Chapter 7
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
CCH Essentials of Federal Income Taxation 4 of 16 Examples of Income Other Than Self-Employment Dividends, unless a dealer in securities Earnings of a corporate employee, even if a 100% shareholder of the corporation Fees earned from an occasional lecture Gains and losses on the sale of property Interest Real estate rentals, unless a real estate dealer Payment to a registered nurse or licensed nurse by an agency, doctor, or hospital Wages and tips received for services performed as an employee Wages of a newspaper carrier or vendors under age 18 Chapter 7
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern