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3 years ago

Why might you complete a 1040 instead of a 1040EZ?

Business

2 answers:

diamong [38]3 years ago

6 0

I believe the answer is: A) You own a home.

The 1040EZ is created to favour a more bare-bones return (for people who had no dependants i.e wife&kids and generally make under $ 100,000 a year). 1040 on the other hand, is a form that created to favour someone who typicall make more than $ 100,000 and own properties

love history [14]3 years ago

3 0

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

Further Explanation:

1040:

1040 is the form to be filled by that person who is paying federal income tax. But certain limitations have been put to use 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 only one form. The individual opts for the form according to his eligibility to fill that form. 1040EZ form can be chosen 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 Option is correct. So, this option cannot be true.

Learn more:

1. Learn more about tax for selling property

<u>brainly.com/question/2617534 </u>

2. Learn more about state income tax

<u>brainly.com/question/2996312 </u>

3. Learn more about personal taxation

<u>brainly.com/question/1762937 </u>

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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At the end of the first month of operations, the Lamar Company's accountant prepared financial statements that showed the follow

Sedaia [141]

Answer:

Assets = $87,350

Liabilities = $30,450

Stockholders' Equity = $56,900

Net Income = $7,900

Explanation:

The correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month can be determined as follows:

Assets = Recorded asset value - Depreciation + Unbilled service revenue = $90,000 - $4,500 + $1,850 = $87,350

Liabilities = Recorded liabilities + Unpaid wages = 30,000 + 450 = $30,450

Stockholders' Equity = Recorded Stockholders' Equity - Depreciation + Unbilled service revenue - Unpaid wages = $60,000 - $4,500 + $1,850 - $450 = $56,900

Net Income = Recorded net income - Depreciation + Unbilled service revenue - Unpaid wages = 11,000 - $4,500 + $1,850 - $450 = $7,900

Note that from the above calculations, we can obtain:

Liabilities + Stockholders' Equity = $30,450 + $56,900 = $87,350

This therefore confirms the accounting equation that:

Assets = Liabilities + Stockholders' Equity = $87,350

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3 years ago

How does a mayor-council system function?

ValentinkaMS [17]

Answer:

The mayor is basically the city's chief executive, Meanwhile the council is the city's primary legislative body if you will. These make up general characteristics of a strong mayor council of governments . Therefore the mayor could or may appoint and remove departmental heads. The mayor can also draft and propose a budget to the city council basically.

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3 years ago

In Crane Company, land decreased $154000 because of a cash sale for $154000, the equipment account increased $55000 as a result

Naya [18.7K]

Option (B) The net cash provided by investing activities is $99000 is correct.

On a company's financial statements, net cash is a sum that is given.
It is determined by deducting a company's total cash from its total liabilities.
When assessing the cash flows of a corporation, the net cash figure is frequently utilized.

The net balance of money coming into and going out of a business at a particular period is referred to as cash flow.
A firm constantly receives and expends cash.
For instance, when a retailer buys merchandise, money leaves the company and goes to its suppliers.

<h3>Calculation of Net cash provided by investing activities:</h3>

Net cash provided by investing activities = land ($154000 cash inflow) - equipment purchase ($55000 cash outflow) = $99000

Hence, The net cash provided by investing activities is $99000.

Learn more about cash flow here:

brainly.com/question/18301012

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1 year ago

Which government agency is in charge of regulating the sale of stocks and bonds? A. The Securities and Exchange Commission B. Th

viva [34]

Answer:

Explanation: The Securities and Exchange Commission