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Be sure to consider all aspects of required withholdings as well as the impact on profits that are reported on individual tax returns.

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For answers, Please refer to the additional materials, “taxes in the textbook”
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1. What is an EIN and when must a business have one?
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2. Under which forms of business are taxes paid on the individual taxpayers tax return instead of the business’s tax return?
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3. What types of withholdings are there and what are the percentages for each type the employer must withhold for both the federal government and the State of Minnesota for their employees?
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4. For tax purposes, is there any benefit for a sole proprietor to be paid as an employee of the business? BE SURE to consider all aspects of required withholdings as well as the impact on profits that are reported on individual tax returns.
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5. Conduct case research in Westlaw to choose one case in federal tax court and one case in MN tax court (TWO cases in total) that involved a small business and give a synopsis IN YOUR OWN WORDS of what each case was about, what were the facts, what laws were at issue, and what was the outcome. Do you think the decisions were correct? (I have the cases attached in case you might not have access to Westlaw)
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Please answers need to be much more in depth to show comprehension…

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