Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A single retired taxpayer has Social Security income of $8,500 and some small self-employment income of $350. Are they required to file a return, and
A single retired taxpayer has Social Security income of $8,500 and some small self-employment income of $350. Are they required to file a return, and if so, what is their gross income? Select one: a. Yes; Their gross income is $8,500, but the self-employment income is below the treshold and is not needed on the return. b. Yes; Their gross income is $8,850 since both forms of income are taxable. c. No; The self-employment income is not over the reporting threshold and the Social Security income is not taxable. No return is necessary to be filed because they are below the filing requirement limit. d. Yes; Their gross income is $350 from the self-employment but the Social Security is not taxable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started