Question
Identify two circumstances in which you, a CPA, would strongly advise an individual whose gross income was less than the amount shown in Table 8-4
Identify two circumstances in which you, a CPA, would strongly advise an individual whose gross income was less than the amount shown in Table 8-4 to file a tax return nevertheless. Explain your reasoning, of course.
2018 & 2019 Filing Requirements
| Filing Status | 2018 Gross Income | 2019 Gross Income |
|---|---|---|
| Single | $12,000 | $12,200 |
| Single—age 65 or older | 12,000 | 12,200 |
| Married, filing jointly | 24,000 | 24,400 |
| Married, filing jointly—one spouse 65 or older | 24,000 | 24,400 |
| Married, filing jointly—both 65 or older | 24,000 | 24,400 |
| Surviving spouse | 24,000 | 24,400 |
| Surviving spouse—age 65 or older | 24,000 | 24,400 |
| Married, filing separately | 0 | 0 |
| Head of household | 18,000 | 18,000 |
| Dependent with unearned income | 1,050 | 1,100 |
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
1 If the individual has any taxes withheld from their paycheck th...
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Income Tax Fundamentals 2019
Authors: Gerald E. Whittenburg, Steven Gill
37th Edition
1337703060, 1337673218, 9781337673211, 978-1337703062
