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USA - Federal Taxation | Filling Requirements Determine whether each of the following taxpayers must file...

USA - Federal Taxation | Filling Requirements

Determine whether each of the following taxpayers must file a return for 2018:

Jamie is a dependent who has wages of $4,150

Joel is a dependent who has interest income of $1,200

Martin is self-employed. His gross business receipts are $24,000, and business expenses are $24,300. His only other income is $2,600 in dividends from stock he owns.

Valerie is 68 and unmarried. Her income consists of $6,500 in Social Security benefits and $15,000 from a qualified employer-provided pension plan.

Raul and Yvonne are married and have two dependent children. Their only income is Yvonne’s $26,000 salary.

Solutions

Expert Solution

1) As in the given situation Jamie is a Dependent Individual as Jamies's Income Consist of Wages which is Known as Earned Income Moreover, as Jamies Gross Income Does not Exceed the Threshold Limit of $ 12000 So Jamies Does not Require to File Return

2)   As in the given situation Joel is a Dependent Individual as Joel Income Consist of Intrest Income which is Known as Unearned Income Moreover, as Joel's Gross Income Does Exceed the Threshold Limit of $ 1050 So Joel Require to File Return

3)   As in the given situation Martin is a Self Employed and has Gross Income From Unearned Income Does Exceed the Threshold Limit of $ 1050 So Martin Require to File Return

4) As in the Given Situation Valerie is 68 and Unmarried Her gross Income consist of Social security benifits and Qualified Employer Pension plan are not taxble so Valerie did not Require to File Return

5) As in the given situation Raul and Yvonne are married and have two dependent children ,Income Consist of Wages which is Known as Earned Income Moreover, as thier Gross Income Exceeds the Threshold Limit of $ 12000 So Jamies Does Require to File Return

ekkarill92 answered 4 hours ago
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