answersLogoWhite

0

A professional fiduciary is responsible for paying self-employment tax on the fees they receive for their services. Since they operate as self-employed individuals, they must report their income on their tax returns and pay both the employee and employer portions of Social Security and Medicare taxes. This obligation arises from their status as independent contractors rather than employees.

User Avatar

AnswerBot

1w ago

What else can I help you with?

Related Questions

Who is responsible for payment of self employment tax on fees received by a professional beneficiary?

The self-employed person who received the fee is responsible for their own income taxes.


Are you responsible for a bill you received a year after service?

YES ...


Journal entry for revenue received from professional fees?

debit cashcredit professional fee revenue


What are the ratings and certificates for The Professional Guest - 1931?

The Professional Guest - 1931 is rated/received certificates of: UK:U


How would you go about ensuring Statements are received from all suppliers you are responsible for?

do have a answer


Who normally is responsible for certifying the accuracy of the abstract of offers received?

Typically, a procurement officer or contract administrator is responsible for certifying the accuracy of the abstract of offers received during the procurement process. Their role is to ensure that the offers received are correctly summarized and that the evaluation process is conducted fairly and transparently.


What are the ratings and certificates for Dr- Newton Professional Psychiatrist - 2005?

Dr- Newton Professional Psychiatrist - 2005 is rated/received certificates of: USA:PG


Are you responsible for a hospital bill if you never signed as guarantor?

It can be dependent on many factors. The primary insurance holder is always going to be held responsible. The parent of a minor is going to be responsible as well.


I received a medical bill from a hospital 18 months later- am I still responsible to pay it?

yes


Was Scooter Libbey's sentence too harsh?

Compared to Nixon who was responsible but received no punishment, yes.


Is employee responsible for paying workmens comp?

no, unless you owe them for a fraudulent claim you received funds from.


In Utah can you be held responsible for a debt that you did not sign for?

There are a few debts for which you can be held responsible whether or not you signed. If you received a service and did not pay the vendor, you could be held criminally liable. If you received healthcare and were unable to sign at the time of treatment, you will be held responsible. If you agreed to pay during a telephone call and that call was recorded, you could be held liable.