Which of the following individuals are required to file a tax return for 2023? Should any of these individuals file a return even if filing is not required? Why or why not? Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900. Mike is single and is 67 years old. His gross income from wages was $14,150. Ronald is a dependent child under age 19 who received $6,800 in wages from a part-time job. Sam is married and files a joint return with his spouse, Lana. Both Sam and Lana are 67 years old. Their combined gross income was $26,250. Quinn, age 20, is a full-time college student who is claimed as a dependent by his parents. For 2023, Quinn has taxable interest and dividends of $2,600.
Which of the following individuals are required to file a tax return for 2023? Should any of these individuals file a return even if filing is not required? Why or why not? Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900. Mike is single and is 67 years old. His gross income from wages was $14,150. Ronald is a dependent child under age 19 who received $6,800 in wages from a part-time job. Sam is married and files a joint return with his spouse, Lana. Both Sam and Lana are 67 years old. Their combined gross income was $26,250. Quinn, age 20, is a full-time college student who is claimed as a dependent by his parents. For 2023, Quinn has taxable interest and dividends of $2,600.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following individuals are required to file a tax return for 2023? Should any of these individuals file a return even if filing is not required? Why or why not?
Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900.
Mike is single and is 67 years old. His gross income from wages was $14,150.
Ronald is a dependent child under age 19 who received $6,800 in wages from a part-time job.
Sam is married and files a joint return with his spouse, Lana. Both Sam and Lana are 67 years old. Their combined gross income was $26,250.
Quinn, age 20, is a full-time college student who is claimed as a dependent by his parents. For 2023, Quinn has taxable interest and dividends of $2,600.
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