Although Sole Proprietors Do Not Pay Any Special Taxes,as the Owner

question 4

Multiple Choice

Although sole proprietors do not pay any special taxes,as the owner of the business you are also an employee of the business which requires you to:

• A)Pay income tax only one time each year.
• B)Pay self-employment taxes.
• C)Pay for the right to get an employee identification number.
• D)File an income tax return for the business.

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Definitions:

Middlemen

Intermediaries in a transaction or process, facilitating exchanges between producers and consumers or between other parties.

Asian Immigrants

Asian immigrants are individuals who have moved from countries in Asia to live in a foreign country, often in search of better living conditions, education, or employment opportunities.

Western Railroads

The network of train lines located in the western United States, which played a significant role in the development and expansion of territories west of the Mississippi River.

Public Works

Projects constructed by a government for the benefit and use of the community, such as highways, bridges, and public utilities.