MANAGEMENT

BUISENESS MANAGEMENT

TAXES

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Antony (57 yrs old) and Loreen (42 yrs old) Muller are married filing separately. Their gross income was $67, 500 and $73, 936.
A
Must file a tax return
B
Don’t have file a tax return
C
Either A or B
D
None of the above
Explanation: 

Detailed explanation-1: -The minimum amount (or threshold) of income requiring you to file a federal tax return. 2022 filing requirements for most taxpayers: Gross income of at least $12, 950 (individuals) or $25, 900 (married filing jointly).

Detailed explanation-2: -Separate returns after joint return. After the due date of your return, you and your spouse can’t file separate returns if you previously filed a joint return.

Detailed explanation-3: -Married Filing Separately, how do I split dividend from joint investment accounts between me and my spouse? The easiest way is to just split them 50/50, if both names are on the 1099-DIV. If only one name is listed, that party can indicate Nominee income for the other party.

Detailed explanation-4: -Section 140B (3): Explanation: For the purposes of computation of “additional income-tax”, tax shall include surcharge and cess, by whatever name called, on such tax.

There is 1 question to complete.