when filing your federal tax return, which will cause taxes to be lower?

Solutions

Expert Solution

Ans: When filing your federal income tax return,Generally standard deduction is the appropriate measure through which taxes can be lower

Yes standard deduction is that deduction which every tax payer is eligible to get as discount or to lower the income taxes.,whether the filing status is single, married filing jointly, head of households

for 2020 the limit for the following taxpayer category are as follows:

Single= 12,400

Head of household= 18,650

Married filing jointly= 24,800

Besides the standard deduction, if a taxpayer has more itemized deduction, then he should opts itemized deductions rather than the standard deduction;

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

PERSONAL TAXES Mary Jarvis is a single individual who is working on filing her tax return...

PERSONAL TAXES Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $121,000 in salary. She received $10,500 of dividend income. She received $3,500 of interest income on Home Depot bonds. She received $23,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,300. She received $8,000 from the sale of Google stock...

There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the...

There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the share of income $35,000 and below is federally taxed at 15%, the share of income between $35,000 and $100,000 is taxed at 25%, and the share of income over $100,000 is taxed at 35%. (i.e an income over$ 100,000 is taxed as follows: -The portion of income up to and including the first $35,000 is federally taxed at 15%. -The portion of income between...

Under the Federal Unemployment Tax Act (FUTA), pay taxes to the , which deposit the...

Under the Federal Unemployment Tax Act (FUTA), __________ pay taxes to the __________, which deposit the money into the __________ government’s Unemployment Insurance Fund. Multiple Choice employees, states, federal employers, states, federal employees, federal government, state employers, federal government, state

When an affiliated group filing a consolidated tax return acquires a new member who has never...

When an affiliated group filing a consolidated tax return acquires a new member who has never consented to the regulations, which of the following is true? A. A form 1122 must be filed by the newly acquired subsidiary. B. A new form 1122 must be filed by the common parent corporation. C. No consents are required to be filed after the initial consolidated return year. D. The entire group is required to submit a form 1122

Pay your taxes: According to the Internal Revenue Service, the proportion of federal tax returns for...

Pay your taxes: According to the Internal Revenue Service, the proportion of federal tax returns for which no tax was paid was =p0.326. As part of a tax audit, tax officials draw a simple sample of =n140 tax returns. Use Cumulative Normal Distribution Table as needed. Round your answers to at least four decimal places if necessary. Part 1 of 4 (a)What is the probability that the sample proportion of tax returns for which no tax was paid is less...

1. Filing an Extension for your individual tax return before April 15th provides for what ability?...

1. Filing an Extension for your individual tax return before April 15th provides for what ability? A. 6 month delay of tax audit B. 12 month delay of tax reporting and Form 1040 C. 6 month delay of tax reporting of tax Form 1040 calculation D. 6 month delay of tax due E. 6 month delay of tax penalties 2. The constructive receipt doctrine: A. causes income to be recognized after it is actually...

When a member of the AICPA prepares a taxpayer's federal income tax return, the member has...

When a member of the AICPA prepares a taxpayer's federal income tax return, the member has the responsibility to A. be an advocate for the entity's position B. Verify the data to be used in preparing the return. C. Take a position of independent neutrality D. Argue the position of the Internal Revenue Service The correct answer is A THIS QUESTION ILLUSTRATES THAT THE ROLE OF A TAX ACCOUNTANT IS VERY DIFFERENT THAN THAT OF AN INDEPENDENT AUDITOR. DISCUSS HOW...

7. When you submit your tax return to the IRS, they screen your return for indications...

7. When you submit your tax return to the IRS, they screen your return for indications of fraud. Naturally the screening system is not perfect: only 92% of fraudulent tax returns get red-flagged (that is, the IRS’ system detects the fraud), and 9% of honest tax returns get red-flagged (the system mistakenly believes these good returns to be fraudulent). A tax return the IRS believes not to be fraudulent is said to be “green-flagged.” Suppose that 4% of all tax...

2016 Comprehensive Tax Return Complete the federal tax return below for the current tax year listed...

2016 Comprehensive Tax Return Complete the federal tax return below for the current tax year listed above.. Use Form 1040, Schedule A, and Schedule B to complete this return. You can print these forms off of the I RS website by going to IRS website and search for the forms. Jim Wallace (age 40) is a single taxpayer, and he lives at 1234 Hallmark Way, Warner Robins, GA 31088. His Social Security number is 555-94-9358. Jim’s earnings and withholdings as...

11.) When assessing the client's lower extremities, which of the following symptoms would cause the nurse...

11.) When assessing the client's lower extremities, which of the following symptoms would cause the nurse to believe the client has atherosclerotic occlusive disease (peripheral artery disease) rather than venous insufficiency? Only one correct answer 1.) Edema 2.) Thickened skin 3.) Cool lower extremities 4.) Dark pigmentation

Subjects