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5. Elizabeth determined that her tax liability was $3,954. Her employer withheld $3,476 from her paychecks during the year. Elizabeth's tax return would show:
5. Elizabeth determined that her tax liability was $3,954. Her employer withheld $3,476 from her paychecks during the year. Elizabeth's tax return would show: A. tax due of $3,954. B. refund of $3,476. C. tax due of $478. D. refund of $478. 6. Eddie, a single taxpayer, has W-2 income of $40,841. Using the tax tables, he has determined that his tax liability is? 7. Hamad is an employee of Mountain Company. He properly completed his Form 1040 tax return and was required to pay the IRS $1,300 at the time of filing. He had income tax withholding during the year of $4,600. His tax liability for the year was? 8. What tax forms do taxpayers normally receive to inform them of wages and interest they earned during the year? 9. Alex is single and had W-2 income of $63,000 and interest income of $200. What is his taxable income? 10. A married couple, both of whom are under 65 years old, decided to file as married filing separately. One of the spouses is going to itemize deductions instead of taking the standard deduction. What is the standard deduction permitted to the other spouse when she files her tax return? 11. John forgot to file his tax return by April 15. He did not file an extension. John finally filed his tax return on June 30 and had a remaining tax liability of $1,000. What is John's failure to file penalty? Assume he made all his payments on time.
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