Answered: 1. In 2021, Wesley has a fairly simple…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. In 2021, Wesley has a fairly simple tax situation with moderate wage income and a modest amount of interest income. Wesley, age 45, wishes to use the easiest possible tax form. He may file:

a.Form 1040A

b.Form 1040EZ

c.Form 1040

d.Form 1065

e.None of these choices are correct.

2. Which of the following is not a capital asset?

a.Land

b.A personal automobile

c.Inventory

d.Gold

e.Stocks

3. Electronic filing (e-filing):

a.Generally results in a slower refund.

b.Reduces the chances that the IRS will make mistakes when inputting tax return information.

c.Requires the services of a professional.

d.Can be done only by telephone.

Expert Solution

Provision

	Form 1040EZ	Form 1040A	Form 1040	Form 1065
Age Limit	Under 65	NA	NA	NA
Eligible Person	Individual	Individual	Individual	Partnership
Income limits	Interest Income below $500 and Combined Income below $50,000	Combined Income below $50,000	Combined Income over $50,000	NA
Itemized Deductions	NA	No itemized Deductions	Itemized Deductions	Itemized Deductions
Dependents	No	Yes	Yes	NA

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