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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

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 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

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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posledela

Answer:

$148,500

Explanation:

Data given

Sales = $150,000

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The computation of Ziff Corp. cash received from customer is shown below:-

Total collection = Sale × (1 - Rate of discount)

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4 years ago

arren has a loan with an effective interest rate of 5 percent per annum. He makes payments at the end of each year for 10 years.

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Answer:

interest portion of fifth payment = $66.89 ≈ $67

Explanation:

effective interest rate = 5% yearly

first payment = $200

second payment = $210

third payment = $220

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then I prepared an amortization schedule:

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Suppose that the U.S. government decides to charge cola producers a tax. Before the tax, 50 billion cases of cola were sold ever

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Answer:

U.S. Tax Burden on Cola:

The amount of the tax on a case of cola is $4 per case. Of this amount, the burden that falls on consumers is $1 per case, and the burden that falls on producers is ___$3______ per case.

The effect of the tax on the quantity sold would have been larger if the tax had been levied on consumers.

a. True

b. False

Explanation:

The tax burden on consumers, which is represented by the difference in the price of cola from $5 to $6 per unit is $1 ($6 - $5). However, the cash received by producers reduced by $3 from $5 to $2. This shows that the total tax burden on both consumers and producers is $4 ($1 + $3).

This represents a total tax burden of $4 or about 67% based on the new selling price of cola or 80% based on the old selling price of cola.

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