For the Following Taxpayers, Indicate Whether the Taxpayer Should File

question 102

Essay

For the following taxpayers, indicate whether the taxpayer should file a tax return and why.
a. Robert earned $50,000 this year as a staff accountant. His estimated tax liability is $4,500, and he expects to receive a $500 tax refund.
b. Amy earned $4,000 this year working part-time. She will have no federal tax liability and has not made any federal tax payments.
c. Ty earned $2,500 this summer and had $200 of federal taxes withheld from his paycheck. He will have no federal tax liability this year.
d. Startup Corporation had a $50,000 loss this year.
e. The Walker Family Trust earned $500 of gross income this year.

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Definitions:

Henry IV

King of England from 1399 to 1413, the first monarch of the House of Lancaster, whose reign was marred by ongoing conflict with his subjects and threats of rebellion.

Treaty of Westphalia

A series of peace treaties signed in 1648 that ended the Thirty Years' War in Europe, marked a turning point in international law, and established sovereign states.

Religious Warfare

Armed conflict primarily motivated or justified by differences in religion, often characterized by a profound sense of mission or divine command among the participants.

Thirty Years' War

A protracted, multifaceted conflict in Central Europe that took place between 1618 and 1648, involving most of the major European powers of the time and marked by significant casualties and territorial changes.