self-employed busines income- schedule C
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BUS-FP4065__Assessment-1-1.docxRunning head: TAX BASICS 1
INSTITUTIONAL CONFLICT 2
Tax Basics
Assessment 1, BUS-FP4065, Fall 2019
Capella University
These answers are according to the Interactive Tax Assistance
What is John's filing status? John’s filing status is single due that he is a 17 high school kid and assuming he is not married without children.
Is John required to file a tax return? He is not required to file his 2018 taxes but it might benefit him to get a federal or state tax return.
Is John a dependent? John is unable to be claimed as a dependent. His gross income exceeded the amount allowed.
What is the simplest tax form to use for John? Use information from an official primary source to select a tax form. John should use a 1040 form to file his taxes.
How much would John have to pay to file his return electronically? John can file for free online electronically due to his income being under $66,000 according to https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free.
References
IRS. (n.d.). Interactive tax assistant. Retrieved from http://www.irs.gov/uac/Interactive-Tax-Assistant-(ITA)-1
White, R. (2019, May 8). How to File Your Child's First Income Tax Return. Retrieved from https://www.investopedia.com/articles/taxes/08/kids-first-income-tax-return.asp.
