Practice Quiz

Massage Therapist Practice Exam

Category - Standards & Practices

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Which of the following methods of payment can you expect to be taxed for?
  1. Bartering
  2. Gift certificates
  3. Both A and B
  4. Neither A or B
Explanation
Answer: C - You can expect to be taxed for both bartering and gift certificates. Bartering is an exchange, and it should be recorded properly at a comparable rate for tax purposes. Gift certificates have been paid for in advance, so they should have been recorded previously as a sale. Keeping clear financial records will prevent any issues in the future of your business.
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