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:

Effortless

Something that is achieved with remarkable ease, often appearing natural or without hard work.

Religious Teachings

Guidelines, doctrines, or moral principles that are derived from religious texts and traditions and are taught to followers.

Intense Commitment

A deeply rooted dedication or devotion to a cause, activity, or goal, often surpassing common levels of interest.

Power

The capacity or ability to direct or influence the behavior of others or the course of events.