BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

BUSINESS LAW

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The number assigned by the IRS for businesses to use for income tax purposes is called ____
A
employer identification number
B
employer identification
C
employer id
Explanation: 

Detailed explanation-1: -Employer Identification Number (EIN) is a unique identification number given to businesses, nonprofits and trusts. It is issued by the IRS, for reporting taxes, obtaining licenses, and other validations.

Detailed explanation-2: -Employer Identification Number (EIN) is a unique, nine-digit number assigned by the Internal Revenue Service (IRS) to identify a business entity. It is also known as Federal Tax Identification Number.

Detailed explanation-3: -An EIN is a 9-digit number (for example, 12-3456789) assigned to employers, sole proprietors, corporations, partnerships, estates, trusts, certain individuals, and other entities for tax filing and reporting purposes.

Detailed explanation-4: -It is a unique identifier that is assigned to a business entity for easy identification by the revenue department. This number is used for the purpose of reporting taxes. These are usually 9 digits, but in India it is a 11 digit number that is better known as Taxpayer Identification Number (TIN).

Detailed explanation-5: -Employer identification numbers are issued to identify business entities in the United States the same way Social Security Numbers (SSNs) are used to identify individual residents of the country. 1 The EIN is also known as a Federal Tax Identification Number.

There is 1 question to complete.