Explore BrainMass

Explore BrainMass

    Gross Earnings and Tax Returns

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return. What do you think were the possible reasons for the difference in the results? Explain.

    © BrainMass Inc. brainmass.com June 4, 2020, 3:18 am ad1c9bdddf

    Solution Preview

    Well, there are a couple of things.

    The filing status for each individual. Depending on how they are classified (head-of-household, single, married filing jointly, married filing single etc...) the tax bracket where they fall is very likely to impact how much they end up paying in taxes.

    Also, whether or not they have ...

    Solution Summary

    Gross earnings and tax returns are examined for both Mr. Jones and Mrs. Green.