Mr. Victor, Age 66, retired in 2022. He is single. Prior to retiring, Mr. Victor received a $5,000 bonus plus $8,400 in wages. After he retired, he received $12,000 in Social Security benefits. Does Mr. Victor have to file a 2022 income tax return? Why or why not? Yes. Victor is required to file because he made in excess of $5,000 which is the required filing threshold. Yes, Victor must file because he received earned income. O No. Victor's does not have to file because his gross income is less than the standard deduction. O No. Victor does not have to file because he is over age 65 and retired and you are not required to file.

Mr. Victor, Age 66, retired in 2022. He is single. Prior to retiring, Mr. Victor received a $5,000 bonus plus $8,400 in wages. After he retired, he received $12,000 in Social Security benefits. Does Mr. Victor have to file a 2022 income tax return? Why or why not? Yes. Victor is required to file because he made in excess of $5,000 which is the required filing threshold. Yes, Victor must file because he received earned income. O No. Victor's does not have to file because his gross income is less than the standard deduction. O No. Victor does not have to file because he is over age 65 and retired and you are not required to file.

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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