Solution-Compute eric income tax for the year

Compute eric income tax for the year

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Reference no: EM133149288

Question -

1. The federal taxing system has tried to reflect changes in society and lifestyles. Give three examples.

2. Why might a taxpayer in a field examination want to make every effort to settle with the revenue agent?

3. Due to negligence, Rose underpaid her taxes by $20,000. What is her negligence penalty?

4. Which of the following individuals are required to file a tax return for 2021? Assume no tax has been withheld.

Rebecca, single and with no dependents, earned $12,950 for the year.

Hugh and Jane are married and file a joint return. They have four children. Their gross income is $30,000 and they have itemized deductions of $25,000.

Peter has self-employment income of $450. He is a full-time college student and is claimed as a dependent on his parents' return.

5. Eric is single and has no dependents for 2021. He earned $60,000 and had deductions from gross income of $1,800 and itemized deductions of $12,750. Compute Eric's income tax for the year using the Tax Rate Schedules.

Reference no: EM133149288

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Compute eric income tax for the year

Reference no: EM133149288

Reference no: EM133149288

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