Multiple Choice
Which of the following is NOT one of the main types of accounting used in business organizations?
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1. Introduction to Accounting
Types of Accounting
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Which of the following individuals is legally required to file a tax return?
A
A minor with no earned or unearned income
B
A retiree with only non-taxable Social Security benefits
C
A student with no income
D
A self-employed individual earning above the minimum filing threshold
Verified step by step guidance1
Understand the concept of filing requirements: Filing a tax return is legally required for individuals who meet certain income thresholds or specific conditions, such as self-employment income above the minimum filing threshold.
Review the filing thresholds for self-employed individuals: The IRS requires self-employed individuals to file a tax return if their net earnings from self-employment are \$400 or more, regardless of age or other income sources.
Analyze the scenarios provided: A minor with no earned or unearned income, a retiree with only non-taxable Social Security benefits, and a student with no income do not meet the income thresholds or conditions requiring a tax return.
Focus on the self-employed individual: Since the problem specifies a self-employed individual earning above the minimum filing threshold, this person is legally required to file a tax return based on IRS regulations.
Conclude the reasoning: The correct answer is the self-employed individual earning above the minimum filing threshold, as they meet the legal requirement for filing a tax return under IRS rules.
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