According to the Internal Revenue Service (IRS), the chances of your tax return being audited are...
According to the Internal Revenue Service (IRS), the chances of your tax return being audited are about 6 in 1,000 if your income is less than $50,000; 10 in 1,000 if your income is between $50,000 and $99,999; and 49 in 1,000 if your income is $100,000 or more (Statistical Abstract of the United States: 1995).
If two taxpayers with incomes under $50,000 are randomly selected and two with incomes more than $100,000 are randomly selected, what is the probability that none of these taxpayers will be audited by the IRS?
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According to the
Internal Revenue Service (IRS), the chances of your tax return
being audited are...
The chances of a tax return being audited are about 18 in 1,000 if an income...
The chances of a tax return being audited are about 18 in 1,000 if an income is less than $100,000 and 39 in 1,000 if an income is $100,000 or more. Complete parts a through e. a. What is the probability that a taxpayer with income less than $100,000 will be audited? With income of $100,000 or more? U P(taxpayer with income less than $100,000 is audited) = 0.018 8 (Type an integer or a decimal.) What is the probability...
The chances of a tax return being audited are about 22 in 1,000 if an income...
The chances of a tax return being audited are about 22 in 1,000 if an income is less than$100,000 and 31 in 1,000 if an income is $100,000 or more. Complete parts a through e. a. What is the probability that a taxpayer with income less than $100,000 will be audited? With income of $100,000 or more? P(taxpayer with income less than $100,000 is audited)=_____________(Type an integer or a decimal.) What is the probability that a taxpayer with income of...
The chances of a tax return being audited are about 22 in1,000 if an income is...
The chances of a tax return being audited are about 22 in1,000 if an income is less than$100,000 and 31 in 1,000 if an income is $100,000 or more. Complete parts a through e. a. What is the probability that a taxpayer with income less than $100,000 will be audited? With income of $100,000 or more? P(taxpayer with income less than $100,000 is audited)=_______________(Type an integer or a decimal.) What is the probability that a taxpayer with income of $100,000...
At the beginning of each year, the Internal Revenue Service (IRS) releases information on the likelihood...
At the beginning of each year, the Internal Revenue Service (IRS) releases information on the likelihood of a tax return being audited. In 2015, the IRS audited 1,228,117 individual tax returns from the total of 146,861,217 filed returns; also, the IRS audited 24,761 returns from the total of 1,915,337 corporation returns filed (IRS 2015 Data Book). Round all answers to four decimal places. Suppose an individual tax return from 2015 is randomly selected. What is the probability that the return...
According to the Internal Revenue Service, the average length of time for an individual to complete (keep records for, l...
According to the Internal Revenue Service, the average length of time for an individual to complete (keep records for, learn, prepare, copy, assemble, and send) IRS Form 1040 is 10.18 hours (without any attached schedules). The distribution is unknown. Let us assume that the standard deviation is two hours. Suppose we randomly sample 36 taxpayers. Part (a) In words, define the random variable X. the number of taxpayers sampled the length of time, in minutes, for an individual to complete...
According to the Internal Revenue Service, the average length of time for an individual to complete...
According to the Internal Revenue Service, the average length of time for an individual to complete (keep records for, learn, prepare, copy, assemble, and send) IRS Form 1040 is 10.26 hours (without any attached schedules). The distribution is unknown. Let us assume that the standard deviation is two hours. Suppose we randomly sample 36 taxpayers. 1. Give the distribution of X. (Round your answers to two decimal places.) X ~ N(10.26, ___?___) 2. Find the probability that the 36 taxpayers...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 24 returns...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 24 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 24 returns, 8 had charitable contributions of more than $1,000. Suppose 7 of these returns are selected for a comprehensive audit. a. Explain why the hypergeometric distribution is appropriate. Because you are sampling a small population without replacement. you are...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 22 returns...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 22 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 22 returns, 7 had charitable contributions of more than $1,000. Suppose 6 of these returns are selected for a comprehensive audit. Explain why the hypergeometric distribution is appropriate. Because: (Pick one) you are sampling a small population without replacement. you...
The Internal Revenue Service (IRS) provides a toll-free help line for taxpayers to call in and...
The Internal Revenue Service (IRS) provides a toll-free help
line for taxpayers to call in and get answers to questions as they
prepare their tax returns. In recent years, the IRS has been
inundated with taxpayer calls and has redesigned its phone service
as well as posting answers to frequently asked questions on its
website (The Cincinnati Enquirer, January 7, 2010).
According to a report by a taxpayer advocate, callers using the new
system can expect to wait on hold...
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted...
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Larga deductions, which incluce charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. It a taxpayer dalms larger than average Itemized deductions for a given level of income, the chances of an IRS audit are increased. Data in thousands of dollars) an adjusted gross income and the average or reasonable amount of loomized deductions follow. R Adjusted...
The chances of a tax return being audited are about 18 in 1,000 if an income is less than $100,000 and 39 in 1,000 if an income is $100,000 or more. Complete parts a through e. a. What is the probability that a taxpayer with income less than $100,000 will be audited? With income of $100,000 or more? U P(taxpayer with income less than $100,000 is audited) = 0.018 8 (Type an integer or a decimal.) What is the probability...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 24 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 24 returns, 8 had charitable contributions of more than $1,000. Suppose 7 of these returns are selected for a comprehensive audit. a. Explain why the hypergeometric distribution is appropriate. Because you are sampling a small population without replacement. you are...
The Internal Revenue Service (IRS) provides a toll-free help
line for taxpayers to call in and get answers to questions as they
prepare their tax returns. In recent years, the IRS has been
inundated with taxpayer calls and has redesigned its phone service
as well as posting answers to frequently asked questions on its
website (The Cincinnati Enquirer, January 7, 2010).
According to a report by a taxpayer advocate, callers using the new
system can expect to wait on hold...
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Larga deductions, which incluce charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. It a taxpayer dalms larger than average Itemized deductions for a given level of income, the chances of an IRS audit are increased. Data in thousands of dollars) an adjusted gross income and the average or reasonable amount of loomized deductions follow. R Adjusted...
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