All categories

3 years ago

Why might you complete a 1040 instead of a 1040EZ

Business

2 answers:

Mekhanik [1.2K]3 years ago

7 0

A. you own a home other options are just qualifications. good luck

Dennis_Churaev [7]3 years ago

7 0

Option A is correct. You complete 1040 instead of a 1040EZ in case of own a home.

Further Explanation:

1040:

1040 is the form to fill by that person who is paying federal income tax. But the specific limitation has been put in use for this form. The individual fills this form only in case of having a taxable income of greater than $100,000 and owns a property. The individual completes this form for taking the deduction and reducing the tax liability.

1040EZ:

If the individual fills the form of 1040, then he is not eligible to complete the Form 1040EZ. The individual, company, or institutions can opt in only one form. The individual opts for the form according to his eligibility to fill that form. 1040EZ form can opt by those people who have income less than $100,000. The individual does not claim any deductions.

Justification for the correct and incorrect answer:

You own home: This option is correct.

The form 1040 is complete instead of 1040EZ form in case of own the property and home is considered as property.

You make less than $100,000: This option is incorrect.

Form 1040EZ is completed in the case of an individual have less than $100,000. So, this option is incorrect.

You do not claim any dependents: This option is correct.

Form 1040EZ is completed in case of individual does not claim any dependents. So, this option is incorrect.

None of the above: This option is incorrect.

Option A is correct; one of the Options is correct. So, this option cannot be valid.

Learn more:

1. Learn more about tax for selling property

brainly.com/question/2617534

2. Learn more about state income tax

brainly.com/question/2996312

3. Learn more about personal taxation

brainly.com/question/1762937

Answer details:

Grade: Middle School

Subject: Taxation

Chapter: Tax Form

Keywords: complete 1040, instead of 1040 EZ, own a home, less than $100,000, and standard deductions, claim any dependents, reducing the tax liability.

You might be interested in

When Yolanda asked her firm's advertising agency to estimate how often consumers saw her firm's IMC message and what percentage

Tcecarenko [31]

Answer:

A. 160

Explanation:

8 0

3 years ago

Mikey initially invested $2,400 in a company and has held this investment for 3 years. He sold the investment after 3 years for

Tanzania [10]

Answer:

499.80

Explanation:

There is no 39.6% tax bracket, the highest marginal tax is 37%. But we can assume that Mikey had to pay 39.6% in taxes which means that he is in the seventh tax bracket (highest). Since he is classified under the highest tax bracket, he will also pay the highest capital gains rate which is 20%.

Mikey's long term capital gain = $4,950 - $2,400 = $2,550

if he paid regular income taxes = $2,550 x 39.6% = $1,009.80

since he pays capital gains taxes = $2,550 x 20% = $510

That means he saves $1,009.80 - $510 = 499.80

3 0

3 years ago

When a firm uses K units of capital and L units of labor, it can produce Q units of output with the production function Q = K√L.

DanielleElmas [232]

Answer:

$STC = 20K + 25L = 20*5 + 25*[\frac{Q^2}{25}] = 100 + Q^2$

Explanation:

We are given:

K units of capital and L units of labor.

•Each unit of capital cost = 20

• Each unit of labor cost =25

• Level K is fixed at 5 units

We are told production function Q = K√L

Using the production functions and the values given, we can get that Q=5√L.

To find Q, the amount of labor will be given as:

$L = \frac{Q^2}{25}$

Therefore, the Short run total cost function (STC) will be:

$20K + 25L = 20*5 + 25[\frac{Q^2}{25}] = 100 + Q^2$

7 0

3 years ago

g The company plans a 4-for-1 stock split. How many shares will you own and what will the share price be after the stock split?

Nata [24]

Answer: 14,400; $17

Explanation:

Stock splits are a strategy by firms to increase the liquidity of their shares especially when they are trading at a high price. The firm divides the stock by a certain number thus increasing the number of shares by the multiple of the number. This action will divide the price of the stock and thus allow for more trade as they are cheaper.

A 4-for- stock split means that each share will become 4.

Your total number of share will become;

= 4 * 3,600

= 14,400 shares

The new price will be;

= 68/4

= $17 per share

7 0

3 years ago

Points for free and maybe brainliest

denis23 [38]

Yasssssssssssssssssss

3 0

3 years ago

Read 2 more answers