Information from the Following Table Will Be Useful for Answering

question 62

Multiple Choice

Information from the following table will be useful for answering this question.All figures are for 2012. Personal, dependency exemption: $3,800 (2012) $$\begin{array} { l r r } \text { Filing Status } & \text { Basic Standard Deduction } & \text { Additional Standard Deduction* } \\\text { Married, filing jointly } & \$ 1,900 & \$ 1,150 \\\text { Married, filing separately } & 5,900 & 1,150 \\\text { Head of household } & 8,700 & 1,450 \\\text { Single } & 5,950 & 1,450\end{array}$$ *Blind taxpayer, taxpayer 65 or older
Which of the following taxpayers must file a return for 2012?

• A)A single taxpayer, age 67, has Social Security benefits of $9,000 and interest income of $10,950
• B)A married couple, both under 65 years, have interest income of $18,200
• C)A single taxpayer, age 65, has self-employment earnings of $2,700
• D)A single teenager, claimed as a dependent by her parents, has part-time wages of $5,100

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Definitions:

Capital Leases

Leases that are recognized by the lessee as an asset and liability on the balance sheet, based on the assumption that it involves the transfer of ownership over the lease term.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the company's financial position.

Operating Lease

A lease agreement for the use of an asset without ownership transfer.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial reporting.