Question

Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary. Assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he:

Answer 1

Assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.

What is total tax liability?

• The total amount of tax debt owing by an individual, corporation, or other entity to a taxation authority such as the Internal Revenue Service is referred to as tax liability (IRS).
• Tax responsibilities include income taxes, sales taxes, and capital gains taxes.
• Your gross tax liability is equal to your taxable income minus your tax deductions.
• Your total income tax burden equals your gross tax liability less any tax credits you are qualified for.
• The key to lowering your tax liability is to reduce the percentage of your gross income that is subject to taxation.
• Consider raising your retirement savings.
• Investing pre-tax cash in an employer-sponsored retirement plan, such as a 401(k), is a simple way to lower your taxable income for the year.

Therefore, assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.

Know more about total tax liability here:

brainly.com/question/5186741

#SPJ4