9 Questions
What is Schedule E used for?
Reporting income or loss from various activities
Which taxes are included in household employment taxes?
Social Security, Medicare, and federal unemployment taxes (FUTA
True or false: Schedule E can only be used to report income or loss from rental real estate activities.
False
What are some of the activities that can be reported on Schedule E?
Rental real estate, royalties, partnerships, and S corporations
Who is responsible for paying FUTA taxes in household employment?
Employer
True or false: A corporation can use Schedule E to report income or loss from rental real estate activities.
False
What information is needed for Schedule H?
Employee names, Social Security numbers, wages paid, and taxes withheld
True or false: Deducting losses from other income on Schedule E has no limits.
False
Who can use Schedule E?
Anyone who has income from one of the activities listed on Schedule E and has a profit motive
Study Notes
- Schedule H is a tax form for household employers to report employment taxes for household employees
- The form is attached to Form 1040
- Household employment taxes include Social Security, Medicare, and federal unemployment taxes (FUTA)
- Both employer and employee contribute to Social Security and Medicare taxes
- Employer is responsible for paying FUTA taxes
- Information needed for Schedule H includes employee names, Social Security numbers, wages paid, and taxes withheld
- Instructions for completing Schedule H can be found in Form 1040 instructions
- Household employment taxes can be paid electronically or by mail with Form 1040
- Common household employees subject to household employment taxes include babysitters, caregivers, housekeepers, nannies, personal assistants, and yard workers
- Consult with a tax professional for questions about household employment taxes.
Test your knowledge on household employment taxes with our Schedule H Quiz! Learn about the tax form used to report employment taxes for household employees and the types of taxes involved. Discover the responsibilities of both the employer and employee, and the necessary information needed for completing Schedule H. Find out which household employees are subject to these taxes and how to pay them. Take the quiz now to see if you're a household employment tax expert!
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
