Jim and Pam file a joint return. Jim's reported income creates $600 of income tax and...
Jim and Pam file a joint return. Jim's reported income creates $600 of income tax and Pam's reported income creates $375 of income tax. In addition to the reported income, Pam has unreported income from selling her artwork on which she owes $75 of income tax. How much of the $1,050 potential tax liability is Jim liable for?
Homework Answers
Answer:
In case of joint return, both the persons are jointly liable to pay
the taxes. Although Jim income creates tax liability of $600 and
Pam liability $375, still each both the tax payers are jointly and
severally liable for tax and any additions thereof.
Accordingly Jim is liable for entire potential liability of
$1050.
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