Question

8) For the following taxpayers indicate whether the taxpayer should file a tax return and why....

8) For the following taxpayers indicate whether the taxpayer should file a tax return and why. a. Robert earned $50,000 this year as a staff accountant. His estimated tax liability is $4,500, and he expects to receive a $500 tax refund. b. Amy earned $4,000 this year working part-time. She will have no federal tax liability and has not made any federal tax payments. c. Ty earned $2,500 this summer and had $200 of federal taxes withheld from his paycheck. He will have no federal tax liability this year. d. Startup Corporation had a $50,000 loss this year. e. The Walker Family Trust earned $500 of gross income this year.

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Answer #1

a) Robert"s gross income exceeds the applicable gross income threshold so he is required to file the tax return this year.

b) Amy's income is below the applicable gross income threshold so amy is not required to file the return.

c) Ty income is below the applicable gross income threshold so he is not required to file the return. However , he is required to file a tax return to receive a refund of $200 of taxes withheld.

d) All corporataion are required to file an annual tax return so startup corporation is required to file an income tax return.

e) The income of the trust is below the applicable threshold, so walker family trust is not required to file a tax return in this year.

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