The ________ exemption is an exemption that applies to employees who will be paid by the client or customer, whose primary duty is making sales or obtaining orders or contracts for services, and who is customarily and regularly engaged away from the employer's place of business.
A. independent contractor
B. independent agent
C. outside sales representative
D. external sales agent
Answer: C
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Georgia deposits $4,000 every three months for five years. The first deposit is made on March 31, 2016, and the last deposit is made on December 31, 2020. The fund earns 16% and interest is compounded quarterly. How much money will Georgia have on December 31, 2020, immediately after her last deposit? Factors for future value of an annuity of $1 are
A) $123,876 B) $119,112 C) $110,034 D) $107,508
Which of the following transactions would not create a cash flow?
a. Payment of a cash dividend. b. The company purchased some of its own stock from a stockholder. c. Amortization of patent for the period. d. Sale of equipment at book value (i.e. no gain or loss).
The Allowance for Bad Debts has a credit balance of $8000 before the adjusting entry for bad debts expense. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging-of- receivables method, the company's management estimates that uncollectible accounts will be $15,000. What will be the amount of Bad Debts Expense reported on the income statement?
A) $23,000 B) $7000 C) $15,000 D) $8000
Use this information to answer the following question. Baker Company has the following information for the pay period of January 1-15, 2010 . Payment occurs on January 20. Gross payroll $16,000 Federal income taxes withheld $1,800 Social security and Medicare rate 7.65% Federal unemployment tax rate .8% State unemployment tax rate 5.4% The entry to record the payroll would include a
a. debit to Salaries Payable for the net amount. b. credit to State Unemployment Tax Payable. c. debit to Salaries Expense for the amount paid to the employees. d. debit to Salaries Expense for the gross payroll.