Tax Returns Answers

0.05% of all tax returns filed electronically contain errors, but 20% of all tax returns filed manually contain errors. If 3.3 million tax returns are filed each way, how many more manually filed returns containing errors will there be than electronically filed returns containing errors?a.330,825b.643,500c.321,750d.658,350

Mike has an adjusted gross income of $85,643. He claims two exemptions and can deduct $896 for state income tax, $2,145 for charitable donations, and $3,473 for medical expenses. If the standard deduction is $5,700 and exemptions are each worth $3,650, what is Mike’s total taxable income?a.$72,643b.$75,479c.$71,829d.$66,129

Leigh is the head of a household and earned $43,763 in taxable income this year. Over the course of the year, her employer withheld a total of $6322 for income tax. Based on the table below, what can Leigh expect when her taxes are due? a. Leigh will owe the IRS $379. b. Leigh will owe the IRS $966. c. Leigh will receive a refund of $316. d. Leigh will receive a refund of $558. Please select the best answer from the choices provided

Say you are filing as a single taxpayer. You have a gross income of $61,026 and claim two exemptions. You can make a deduction of $2,871 for interest on your mortgage, a deduction of $2,376 for property tax, an adjustment of $3,206 for business losses, an adjustment of $2,575 for contributions to your retirement plan, a deduction of $2,682 for medical expenses, and an adjustment of $2,440 for business expenses. If exemptions are each worth $3,650 and the standard deduction is $5,700, what is your total taxable income?a.$39,805b.$35,526c.$37,576d.$43,276

Doug is filing singly. His net taxable income is $80,575. Every week, $304 is withheld from his earnings for income tax. Based on the table below, what can Doug expect when his taxes are due? a. Doug will receive a refund of $123. b. Doug will receive a refund of $2,977. c. Doug will owe an additional $1,125. d. Doug will owe an additional $731. Please select the best answer from the choices provided

Craig is single and lives alone. He earns a respectable salary, but the bulk of his income comes from his property holdings and stock market investments. Craig is well versed in tax law and has many deductions to claim, hoping to pay the smallest amount possible. Recommend the appropriate 1040 form for Craig.a.1040-EZb.1040-Plusc.1040d.1040-A

Chris is calculating his deductions for his tax return. He is filing singly. He can claim $1,813 from property taxes, $1,513 from medical expenses, and $761 from state income tax. The standard deduction for a single filer is $5,700. How does the standard deduction compare to Chris’s deductions? a. Chris’s deductions are $1,437 more than the standard deduction. b. Chris’s deductions are $2,087 less than the standard deduction. c. The standard deduction is $1,613 more than Chris’s deductions. d. The standard deduction is $664 less than Chris’s deductions. Please select the best answer from the choices provided

Kevin, while calculating his tax adjustments, notes that he can make adjustments of $3,435 for contributions to his retirement plan, $3,393 for business losses, and $1,128 for business expenses. If Kevin’s gross income is $45,942, what is his adjusted gross income?a.$53,898b.$40,242c.$41,421d.$37,986

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Chris is calculating his deductions for his tax return. He is filing singly. He can claim $1,813 from property taxes, $1,513 from medical expenses, and $761 from state income tax. The standard deduction for a single filer is $5,700. How does the standard deduction compare to Chris’s deductions? a. Chris’s deductions are $1,437 more than the standard deduction. b. Chris’s deductions are $2,087 less than the standard deduction. c. The standard deduction is $1,613 more than Chris’s deductions. d. The standard deduction is $664 less than Chris’s deductions. Please select the best answer from the choices provided