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How does the IRS tax sick or family leave wages received by employees who are...

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Accounting

How does the IRS tax sick or family leave wages received by employees who are unable to work or telework due to COVID-19? Leave payments are not taxable Leave payments are taxable wages, but are not subject to the employer portion of social security tax Leave payments are taxable wages, but are not subject to medicare tax Leave payments are taxable wages, and subject to social security and medicare tax What options are available to individual taxpayers who incur a net operating loss in 2020? Carry the NOL to each of the five preceding tax years, then forward indefinitely Carry the NOL to each of the five preceding tax years, then forward indefinitely, subject to 80% of taxable income limit. Must carry the NOL forward indefinitely. Must carry the NOL forward, subject to 80% of taxable income limit. Jim, age 45, withdraws $150,000 from his IRA on July 1, 2020 to help keep the doors open at his restaurant during the pandemic. What is the premature distribution penalty if Jim does not return any of the money to his IRA within 3 years? $0 $5,000 $10,000 $15,000

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