Question

Suppose the probability of an IRS audit is 4.0 percent for U.S. taxpayers who file form...

Suppose the probability of an IRS audit is 4.0 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more. (a) What are the odds that such a taxpayer will be audited? (Round your answers to the nearest whole number.) Odds that a taxpayer will be audited:

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
Suppose the probability of an IRS audit is 4.0 percent for U.S. taxpayers who file form...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Suppose the probability of an IRS audit is 1.7 percent for U.S. taxpayers who file form...

    Suppose the probability of an IRS audit is 1.7 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more. (a) What are the odds that such a taxpayer will be audited? (Round your answers to the nearest whole number.) Odds that a taxpayer will be audited 1 to (b) What are the odds against such a taxpayer being audited? (Round your answers to the nearest whole number.) Odds against a taxpayer being audited 57 to

  • Suppose the probability of an IRS audit is 4.2 percent for U.S. taxpayers who file form...

    Suppose the probability of an IRS audit is 4.2 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more. (a) What are the odds that such a taxpayer will be audited? (Round your answers to the nearest whole number.) Odds that a taxpayer will be audited 1 to 2 (b) What are the odds against such a taxpayer being audited? (Round your answers to the nearest whole number.) Odds against a taxpayer being audited 1 to

  • Suppose the probability of an IRS audit is 3.1 percent for U.S. taxpayers who file form...

    Suppose the probability of an IRS audit is 3.1 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more.

  • 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...

  • 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...

  • In 2019, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file...

    In 2019, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a joint tax return with AGl of $26,100. During the year they incurred the following expenses: Medical insurance premiums $1,300 Premiums on an insurance policy that pays $100 per    day for each day Margaret is hospitalized 400 Medical care lodging (two people, one night) 65 Hospital bills 2,100 Doctor bills 850 Dentist bills 200 Prescription drugs and medicines 340 Psychiatric care 350 In addition,...

  • During tax season the IRS hires seasonal workers to help answer the questions of taxpayers who...

    During tax season the IRS hires seasonal workers to help answer the questions of taxpayers who call a special toll-free number for information. Suppose that calls to this line occur at an average rate of 60 calls per hour and follow a Poisson distribution. An IRS worker can handle an average of 5 calls per hour with service times, exponentially distributes. Assume that there are 10 IRS workers and when they are all busy, the phone system can keep 5...

  • In 2018, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file...

    In 2018, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a joint tax return with Al of $25,400. During the year they incurred the following expenses: Medical insurance premiums $1,150 400 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills 2,100 Doctor bills Dentist bills 175 Prescription drugs and medicines 340 Psychiatric care 350 In addition, they drove...

  • On average, 3 percent of all persons who are given a breathalyzer test by the state...

    On average, 3 percent of all persons who are given a breathalyzer test by the state police pass the test (blood alcohol under .08 percent). Suppose that 260 breathalyzer tests are given. (a) What is the expected number who pass the test? (Round your answer to the nearest whole number.) Expected number 8 (b) What is the approximate Poisson probability that 5 or fewer will pass the test? (Round your answer to 4 decimal places.) Poisson probability

  • 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT