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Problem 3-41 (LO. 5) 1. Indicate whether the following individuals are Required (based on income) or Not required to file a tax return for 2020.
Problem 3-41 (LO. 5) 1. Indicate whether the following individuals are "Required" (based on income) or "Not required" to file a tax return for 2020. Click here to access the standard deduction tables to use. Required / Not Required a. b. c. Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900. Mike is single and is 67 years old. His gross income from wages was $12,750. Ronald is a dependent child under age 19 who received $6,800 in wages from a part-time job. Sam is married and files a joint return with his spouse, Lana. Both Sam and Lana are 67 years old. Their combined gross income was $24,250. Quinn, age 20, is a full-time college student who is claimed as a dependent by his parents. For 2020, Quinn has taxable interest and dividends of $2,500. d. e. 2. Even though an individual has gross income below the filing level amounts and therefore does not owe any tax, he or she must file a return to obtain which of the following? Select "Yes or No" whichever is applicable. Benefits from refundable tax credits Benefits from nonrefundable credits A tax refund of amounts withheld
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