How does the pay-as-you-go procedure apply to wage earners

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Reference no: EM13588511

1. In the following independent situations, is the tax position of the taxpayer likely to change? Explain why or why not.

(a) John used to make casual purchases and sales of real estate as an investor. Currently, he does so on a regular basis and has obtained a license as a dealer.

(b) Theresa quit her job as a staff accountant and has established her own practice as a CPA.

2. How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources other than wages?

Reference no: EM13588511

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