U.S. Department of Housing and Urban Development …
[Pages:28]U.S. Department of Housing and Urban Development
Office of Housing Counseling
Understanding Self-Employment for Income Verification March 24, 2015 12:00 PM
Facilitated by
Booth Management Consulting, LLC
7230 Lee Deforest Drive, Suite 202, Columbia, MD 21046
FACILITATED BY: Robin Booth, CPA
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Training Topics Definitions and Terminology Self-Employed vs. Employee Computing Self-Employed
Income Questions
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DEFINITIONS AND TERMINOLOGY
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Definitions and Terminology
? Self-Employed (Independent Contractor) ? Employee ? Income ? Expense ? Costs of Goods Sold/Sales ? Net Income/Loss ? Profit and Loss Statement and Balance
Sheet ? Adjustments and Add Back ? Relevant Tax Forms
Definitions
Self-Employed (Independent Contractor)
Source
Definition
Webster's Dictionary Earning income from your own business or profession rather than by working for someone else
Internal Revenue Service Website Revenue Ruling 58112
A business owner or contractor who provides services to other businesses A trade or business activity as one that is regular, frequent and continuous and make ongoing efforts to further the interests of the business.
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Definitions and Terminology
Employee
Source
Definition
Webster's Dictionary A person who works for another person or
for a company for wages or a salary
Internal Revenue Service Website
Anyone who performs services for another person or a company and if they do not control what will be done and how it will be done.
Statutory Employee ? Meet common law IRS rules as self-
employed but are still considered employees includes drivers paid on commission or as agent, salesperson, etc.
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Definitions and Terminology
Income
Term Gross Income
Taxable Income
Self- Employed Income
Definition
Compensation for services performed and/or goods purchased before any deductions. The income that is subject to taxation. Tax able income remains after accounting for adjustments and deductions. Taxable income of a person involved in a sole proprietorship or other sort of freelance work
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