For Each of the Following Situations, Indicate Whether the Taxpayer(s)

question 34

Essay

For each of the following situations, indicate whether the taxpayer(s) is(are) required to file a tax return for 2015. Explain your answer.
a.​
Debra, age 68, and Jerry, age 70, are married and file a joint return.They received $24,000 in interest income from a savings account.
b.Margie is a single taxpayer with wages in 2015 of $8,400 and interest income of $200.
c.​
Janie, age 30, and Scott, age 28, are married and file a joint tax return.They had $17,000 in earnings from wages.
d.​
Kim, age 20, is a single college student who is claimed as a dependent by her parents.She earned $2,000 from a part-time job and has $450 in interest income.
e.​
Stefanie, a 25-year-old single taxpayer, has wages of $1,500, from which $80 of federal income tax was withheld.

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Definitions:

Bond B

An investment product representing a loan made by an investor to a borrower, typically corporate or governmental, with specific terms for interest payments and principal return.

Yield To Maturity

The total return anticipated on a bond if the bond is held until its maturity date.

Bond B

A reference to a specific bond investment, often denoted for classification or tracking purposes.

Current Yield

The annual income (interest or dividends) divided by the current price of the security, often used in assessing bonds and other fixed-income investments.