BUS FPX 4065 Assessment 1 Tax Basics

Student Name

Capella University

BUS-FPX4065 Income Tax Concepts and Strategies

Prof. Name

Date

What is John’s Filing Status?

John’s filing status is single because he is not married and does not have any dependents.

Is John Required to File a Tax Return? Determine Requirements for Mandatory Filing of a Return.

John is not required to file a tax return, but it is suggested since he would likely receive a refund.

Is John a Dependent?

No, John does not qualify as a dependent because his gross income is more than the allowed exemption amount for a dependent.

What is the Simplest Tax Form to Use for John? Use Information from an Official Primary Source to Select a Tax Form.

The simplest form for John to use to file is Form 1040.

How Much Would John Have to Pay to File His Return Electronically?

The cost to file Form 1040 electronically is free.

Part 2: Tax Return

John will receive a refund in the amount of $940.

References

Internal Revenue Service. (n.d.). About Form 1040, U.S. Individual Income Tax Return. IRS.

Internal Revenue Service. (n.d.). Do I Need to File a Tax Return? IRS.

BUS FPX 4065 Assessment 1 Tax Basics