Business Entity
What is a sole proprietorship?
a. A business owned by two or more persons
b. A business form with limited liability
c. An unincorporated business owned by one individual
d. A legal entity separate from its owners
Where can you register to do business in Hawaii?
a. DCCA website
b. IRS website
c. DLIR website
d. DOTAX website
True or False
Do I need to keep a record of my income and expense
True
Most businesses need what two tax licenses?
G. E. T.
E. W.
General Excise Tax and Employers Withholding.
Define Discrepancy
a lack of compatibility or similarity between two or more facts.
What is a partnership?
a. A business owned by two or more persons
b. A legal entity separate from its owners
c. An unincorporated business owned by one individual
d. A business form with limited liability
All business entities must register with DCCA to do business in Hawaii except what entity?
Sole proprietorship
Do I need to register with DOTAX?
a. No, registration with DOTAX is voluntary
b. Yes, all businesses must obtain a Hawaii Tax ID
c. Registration is only required for partnerships
d. Registration is only required for corporations
Explain Employers Withholding
- If you have employees, you must withhold Hawaii income taxes from your employee’s wages.
Define Incremental
relating to or denoting an increase or addition, especially one of a series on a fixed scale.
What is a corporation?
a. A business owned by two or more persons
b. An unincorporated business owned by one individual
c. A legal entity created under state law
d. A business form with limited liability
EIN is very similar to what type of important identification for an individual.
Social Security Number
If you are an employer, you must pay unemployment
insurance taxes (also called UI contributions) based on your E_______ ________.
Employees wages
What is General Excise Tax also known as GET?
GET is a tax on your gross business income.
Define Confined
(of a space) restricted in area or volume; cramped.
What is an S corporation?
a. A corporation that passes through its profit or loss to its shareholders
b. An unincorporated business owned by one individual
c. A business form with limited liability
d. A business owned by two or more persons
What does EIN stand for?
Employer Identification Number
What is unemployment insurance (UI)?
a. Taxes paid by employers to fund workers' compensation
b. A benefit provided to workers in case of disability
c. Temporary benefits for eligible jobless workers
d. Taxes used to pay for healthcare insurance
What federal taxes am I subject to?
a. Only income tax
b. Only excise taxes
c. Income tax, self-employment tax, and employer taxes
d. Only self-employment tax
Define Contention
heated disagreement.
What is a limited liability company (LLC)?
a. A business owned by two or more persons
b. An unincorporated business owned by one individual
c. A legal entity created under state law
d. A business form with limited liability
Fill in the blank;
You must obtain an EIN if any of the following;
You have _____________; or
You are a corporation, S corporation, or ____________.
Employees
Partnership
What information is required to open a business bank account
Hawaii Tax ID, social security number or EIN, and your organizing document.
What are my responsibilities as an employer?
If you are an employer, you must:
a. Withhold federal, state, and payroll taxes from your employees’ wages;
b. Obtain a federal EIN, Hawaii Tax ID, and an employer account identification number(also known asthe Department of Labor (DOL) number);
c. Obtain unemployment insurance coverage for your employees; and
d. Comply with Hawaii labor laws for worker’s compensation, temporary disability insurance, prepaid health care, and wage and hour programs.
Definition of all four vocabulary words
Discrepancy(noun)
Incremental (adjective)
Confined (adjective)
Contention(noun)
Discrepancy(noun); lack of compatibility btw two or more facts
Incremental (adjective); increase/addition
Confined (adjective); restricted in area, cramped
Contention(noun); heated disagreement