Ask Question
9 October, 15:27

Is Milo required to file a federal tax return? a. Yes, because Milo's gross income was more than the gross income limit required to file a federal tax return. b. Yes, because Milo had unearned income over the unearned income limit of $1,100 required to file a federal income tax return. c. No, because Milo had earned income that was under the earnings limit that requires him to file a tax return. d. No, because Milo didn't have any federal or state income tax withholding.

+5
Answers (1)
  1. 9 October, 19:00
    0
    The answer is letter a.

    Explanation:

    When it comes to filing an income tax, people need to follow certain rules set by the government. One of these rules is filing the "Federal Income Tax."

    Federal Income Tax refers to the tax that a person needs to file when his gross income (total income before deductions) is more than his gross income threshold. The amount that a person needs to file is dependent on his amount of income level and on four factors: his age, status, whether he's blind or has someone dependent on him.

    The gross income here refers to the income that the person receives without the tax deductions. In the situation above, Mario's gross income exceeded the gross income limit for him, thus he is required to file a federal tax return.

    Thus, this explains the answer.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Is Milo required to file a federal tax return? a. Yes, because Milo's gross income was more than the gross income limit required to file a ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers