Greg earned $21,500 this year and had $1,500 of federal income taxes withheld from his salary. Assuming that Greg is single, 25 years old, and will have a total tax liability of$1,000 (and thus will receive a $500) refund, he:

Question

Quizplus · Accepted Answer

Even though Greg's tax liability is only $1,000 and he will receive a refund of $500, he is still required to file a tax return because his income exceeds the minimum filing requirement for a single individual under age 65, which is $12,400 for tax year 2021. Therefore, he must file a tax return to reconcile the amount of taxes withheld from his salary with his actual tax liability for the year.

Greg Earned $21,500 This Year and Had $1,500 of Federal