Ask Experts Questions for FREE Help !
Ask
    Asanga's Avatar
    Asanga Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 27, 2013, 12:02 PM
    The contractors only income is the client payments.
    "The contractors only income is the client payments"
    I want some valide literature to support above statement. Can someone give me any references like a journal, book or technical magazine. Thank you.
    Asanga
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    May 27, 2013, 12:04 PM
    I don't understand your question - the contractor would be paid by the customer. What other income are you anticipating?
    Handyman2007's Avatar
    Handyman2007 Posts: 988, Reputation: 73
    Senior Member
    		  
    #3

    Jun 7, 2013, 07:09 PM
    I agree that this is an odd question. As a private contractor, my entire income is based on my clients paying their bills. That is what self employment is.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Jun 8, 2013, 04:18 AM
    It may depend on the contractor, if the contractor also owns rental property, then they have other income, if the contractor also holds a regular job, they would also have that income.

    But a contractor is a person who does work for others, normally that work provides their only income.

    This is just a statement of fact, merely look up definition of contractor.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Is social security and ssi payments considered gross income [ 7 Answers ]

I have a 48 yr old brother who lives with me and he only gets social security and a ssi for about $8000 a year because he is mentally disabled. This is his only income. I want to know if I can claim head of household. Is his money considered gross income?

How to account for income from/payments to independent contractors? [ 2 Answers ]

Healthcare company X has four independent contractors, A, B, C, and D. Each contractor receives payments from insurance companies in their own name, which are signed over to Company X each month. Company X then cuts a check for the contractors for the amount of the checks received, less a 20% fee...

Can SSI payments be considered as income for another child [ 4 Answers ]

My husband receives SSI benefits for his 2 nieces that we are raising. However, he has another child and that mother is trying to have the SSI payment (for my girls) included as part of his income. Can she? Will the courts in Texas consider SSI benefits for two other children part of his...

Journal entry for income tax payments [ 2 Answers ]

Our corp is responsible for paying federal income tax and we are on a payment schedule with the IRS. I credit cash and debit federal income tax payable. However, how do I set up the initial balance that we agreed to pay. Credit Fed income tax payable and debit Retained Earnnings?

Herbalife supervisor payments - What taxable income category? [ 1 Answers ]

Hello all, I have a quick question regarding potential 'extra' money under a H1-B visa: What is the category of income for Herbalife's "royalty" checks? We are a couple living in the US on a H1-B and H4 visa respectively. We are using herbalife products, are currently "distributors", and...

View more questions Search