Alexandra Earned $200 in Tips in June

question 39

Multiple Choice

Alexandra earned $200 in tips in June.When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes?

• A)June 30.
• B)July 10.
• C)July 31.
• D)Alexandra is not under any obligation to inform her employer of her tips earned in any one month.

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Definitions:

CFO

Chief Financial Officer, the senior executive responsible for managing the financial actions of a company.

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Payment made in the form of physical currency or through direct deposit to a bank account, without any non-cash benefits.

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The acquisition of one company by another, where the acquiring company assumes control of the target company.

Proxy Fight

A contest between two or more parties to win control over a company by convincing other shareholders to vote for one side's preferred corporate governance changes.