MHIC EXAM 2024/2025 Latest Questions and Answers, All Correct Study Guide, Download to Score A
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Course
MHIC 2024/2025
Institution
MHIC 2024/2025
Business Types not Required to have EIN #
-sole proprietorships with no employees
-LLCs with single owner
S corporation
a business entity that meets certain requirements to be able to inherit the
protective benefits of being a corporation, but be taxed as a partnership.
- must be domesticall...
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MHIC EXAM 2024/2025
Business Types not Required to have EIN #
-sole proprietorships with no employees
-LLCs with single owner
S corporation
a business entity that meets certain requirements to be able to inherit the
protective benefits of being a corporation, but be taxed as a partnership.
- must be domestically incorporated
- must have only a single type of stock and less than 100 shareholders.
- shareholder distributions are taxed on the individual shareholder tax returns
- it can pass these incomes to shareholder without having to pay any fed corporate
tax, deemed a "pass through." Owner pays taxes at their respective tax rate and not
the corporate tax rate
Self Employment Tax
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,Tax for individuals that work for themselves to pay their portion of Social Security
and Medicare benefits.
Requirements to be Classified as IRS Deductible Expense
to be deductible, it must be an "ordinary" and "necessary" expense. Thus it is an
expense that is common in your industry, but is also helpful/appropriate for your
trade or business.
Employment Taxes that are not Withheld from Paychecks
-FUTA
-State Unemployment tax
FICA
- Stands for Federal Insurance Contributions Act
- Employers withhold FICA (social security and Medicare) from employee
paychecks and also pay a matching employer portion.
-Form 941 reconciles this
Franchise tax
A tax levied on the right to do business in a state as a corporation. Although
income considerations may come into play, the tax usually is based on the
capitalization of the corporation.
The Basic Accounting Cycle
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, 1. Classifying and recording transactions
2. Posting transactions
3. Preparing a trial balance
4. Preparing and adjusted trial balance
5. Preparing financial statements
6. Analyzing financial statements
Who is responsible for providing Personal Protective Equipment (PPE)
Employer
;' Accounting Posting vs. Account
- A posting occurs when a transaction listed in a journal gets transferred to
appropriate accounts. Accounts are an official register of value
The Five Main Type of Posting Accounts
1. Assets
2. Liabilities
3. Equity
4. Income
5. Expense
Each account has other type of sub-accounts that organize it.
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