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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.

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Answer: $500

Explanation:

Based on the scenario in the question, there's a breach of contract as the shirts aren't delivered and there are 50 t-shirts which cost $10 each that no one law is willing to buy because it has a school name and their mascot on the front.

Here, the maker of the shirt can sue for damages and since there's no resale, the amount to be sued for damages will be the price of each shirt multiplied by the total number of shirt. This will be:

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Why do you think Bill Bowerman liked that Tinker shared his thoughts about the test shoes

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3 years ago

Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amoun

denis23 [38]

Answer:

Orlando Company

Indication of the missing amount for each letter:

a) = $53,150 ($145,650 - 50,000 - 42,500)

b) = $55,850 (201,500 - 145,650)

c) = $9,200 (201,500 - $192,300)

d) = $119,000 ($140,000 * 85%)

e) = $342,000 ($83,000 + $140,000 + $119,000)

f) = $357,500 ($342,000 + $15,500)

g) = $345,700 ($357,500 - $11,800)

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h) and i) = $149,850 ($213,000 - $63,150)

$149,850 = 185% (100 + 85%)

i) = $68,850 ($149,850 * 85/185)

j) = $231,000 ($213,000 + $18,000)

k) = $9,000 ($231,000 - $222,000)

Explanation:

a) Data and Calculations:

Job 1 Job 2 Job 3

Direct materials used $(a) $83,000 $63,150

Direct labor 50,000 140,000 (h)

Manufacturing overhead applied 42,500 (d) (i)

Total manufacturing costs 145,650 (e) 213,000

Work in process 1/1/14 (b) 15,500 18,000

Total cost of work in process 201,500 (f) (j)

Work in process 12/31/14 (c) 11,800 (k)

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Job 1 Job 2 Job 3

Direct materials used $53,150 $83,000 $63,150

Direct labor 50,000 140,000 81,000

Manufacturing overhead applied 42,500 119,000 68,850

Total manufacturing costs 145,650 342,000 213,000

Work in process 1/1/14 55,850 15,500 18,000

Total cost of work in process 201,500 357,500 231,000

Work in process 12/31/14 9,200 11,800 9,000

Cost of goods manufactured 192,300 345,700 222,000

a) = $53,150 ($145,650 - 50,000 - 42,500)

b) = $55,850 (201,500 - 145,650)

c) = $9,200 (201,500 - $192,300)

d) = $119,000 ($140,000 * 85%)

e) = $342,000 ($83,000 + $140,000 + $119,000)

f) = $357,500 ($342,000 + $15,500)

g) = $345,700 ($357,500 - $11,800)

h) = $81,000 = ($149,850 * 100/185)

h and 1 = $149,850 ($213,000 - $63,150)

$149,850 = 185%

i) = $68,850 ($149,850 * 85/185)

j) = $231,000 ($213,000 + $18,000)

k) = $9,000 ($231,000 - $222,000)

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Answer:

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Explanation:

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