Explain the ways income taxes are paid or collected
What will be an ideal response?
Answer: Income taxes are generally paid as withholdings from paychecks. Other ways in which taxes are collected include quarterly estimated taxes sent to the IRS, payments with tax returns, and direct withholdings from stock dividends, retirement funds, and prizes or gambling winnings.
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Which of the following minors would not have the capacity to contract?
A. An 18-year-old who was on active duty with the United States military. B. A divorce mother who is 17 years old. C. A 15-year-old who moved away from home, is paying rent and is self-sufficient. D. A minor who obtained a declaration of emancipation from the county court.
Which of the following statements is (are) true concerning the home business insurance coverage endorsement?
I. It increases the coverage on business personal property at the insured residence from $2,500 to the Coverage C limit. II. It excludes coverage for liability arising out of the home business. A) I only B) II only C) both I and II D) neither I nor II