Which of the Following Taxpayers (All Age 40) Are Required

question 19

Multiple Choice

Which of the following taxpayers (all age 40) are required to file a return? $$\begin{array} { | l | l | r | c | } \hline \text { Taxpayer } & \text { Filing Status } & \begin{array} { c } \text { Number } \\\text { of exemptions }\end{array} & \begin{array} { c } \text { Gross } \\\text { Income }\end{array} \\\hline \text { Jenny and Jim } & \begin{array} { l } \text { Married Filing } \\\text { Jointly }\end{array} & 2 & \$ 21,000 \\\hline \text { Allen } & \text { Single } & 1 & \$ 9,200 \\\hline \text { Timmy } & \text { Head of Household } & 2 & \$ 10,800 \\\hline\end{array}$$

• A) Jenny and Jim
• B) Allen
• C) Timmy
• D) None of these

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Definitions:

Liability

The state of being legally responsible for something, typically a debt or obligation.

Note

A financial instrument recognizing a debt or obligation, typically with the promise to repay the principal along with potential interest.

Revised Article 3

An update to a section of the Uniform Commercial Code that deals with negotiable instruments, including changes to laws governing checks and promissory notes.

Drawer

In banking, the party that writes or issues a check. In a broader contract or legal sense, it can refer to the person who drafts or creates a document.