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You should report the income from the 1099-MISC Box 7 form on your tax return and pay any applicable taxes on it.

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6mo ago

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What are some items a compensation should accomplish?

A compensation's main purpose is to reward good work. It motivates employees to achieve out of expectations. Ideally, a good compensation package will make a employee feel properly rewarded. It should be in proportion to the personal level of achievement the person felt he or she has achieved. This would be from the employee's point of view. From the executives' point of view, the compensation package would cost the company as little as possible yet still make the employee feel properly rewarded. Yet it should not make the employee feel fully rewarded, and thus breeding greed. It would make the employee feel rather inadequate and that he or she would need to work harder to get properly rewarded .


How much should you pay a trustee?

The compensation for a trustee varies based on factors such as the complexity of the trust, the trustee's experience, and the time invested in managing the trust. Generally, trustees are entitled to reasonable compensation, often calculated as a percentage of the trust's assets, typically ranging from 0.5% to 2% annually. It's important to review the trust document for any specified fees and to ensure that the compensation aligns with state laws and standards for fiduciary duties. Consulting with a legal or financial advisor can also provide guidance on appropriate compensation.


What factors should be considered when deciding between options and equity as forms of compensation for employees?

When deciding between options and equity as forms of compensation for employees, factors to consider include the company's financial situation, the employees' preferences, the potential for growth in the company's stock value, and the impact on employee motivation and retention.


What are some of the goals of a good compensation package?

Ideally, a good compensation package will make a employee feel properly rewarded. It should be in proportion to the personal level of achievement the person felt he or she has achieved. This would be from the employee's point of view. From the executives' point of view, the compensation package would cost the company as little as possible yet still make the employee feel properly rewarded. Yet it should not make the employee feel fully rewarded, and thus breeding greed. It would make the employee feel rather inadequate and that he or she would need to work harder to get properly rewarded.


What information should be included in a journal entry for a tax refund?

A journal entry for a tax refund should include the amount of the refund received, the date it was received, and the account it is being deposited into. It should also note any relevant tax codes or references for tracking purposes.

Related Questions

Should nonemployee be hyphenated?

Yes, "nonemployee" should be written as one word without a hyphen. In general, prefixes like "non-" are typically combined with the following word to form a single term. However, it's always a good idea to consult specific style guides, as preferences may vary.


What should I do if I receive a 1099misc for goods I did not receive?

Contact the company that sent you the 1099misc. If this does not remedy the situation then call the IRS main number at 1-800-829-1040. If you still need additional help then make an appointment with a tax preparer at a tax preparation firm such as HR Block.


Will veterans administration send you a 1099R for your disability benefits?

Compensation isn't income. Should have received 21-8741-1 each year stating what your monthly compensation amount is. You can read IRS Pub 17 and it will note that compensation isn't taxable.


Do you have to file taxes if you were unemployed all year and don't have a W2?

Yes, if you received unemployment compensation from the state you would have some taxable income to be reported on your 1040 income tax form. You should have received a W-2G with the information regarding the taxable amount of your benefit. If you received government unemployment compensation, contact the agency for a copy of this form.


When a workman's compensation is presented the supervisor should?

When a workman's compensation case is presented, the supervisor should


When a Workman's compensation case is presented the supervisor should?

When a workman's compensation case is presented, the supervisor should


Should an exgratia paymwent be recovered by the insurer if the insured has received any other form of compensation?

if the compensation amounts to the total loss suffered, it can be recovered. Can amount to unjustified enrichment. Insured is to be placed in same position as before the loss and not in a better position.


When should people not employed receive their 2009 w2 forms?

If you were an employee with an employer at any time during the 2009 tax year you should have received your W-2 form from your employer by January 31 2010. If you received unemployment compensation during the tax year 2009 you should have received the W-2G from the state before January 31 2010.


When a workmans compensation case is presented the supervisor?

When a workman's compensation case is presented, the supervisor should


Should the state give same amount of compensation?

yes the states should give the same amount of compensation to death victims families.


How do you file your taxes if you are on workers compensation?

Workers compensation should send you a form that you will apply to your tax returns.


Our club hired a band that was paid more than 600. The person who filled out the W9 was the not the person who should get the 1099misc. How do you retract a 1099 sent to the wrong person?

You file another 1099 and check the box on the top identified as "correction".