Question

Mark is not married and has dependent parents. He pays more than half of the cost of keeping up a home for himself and his parents. His tax filing status is _____.

Answer 1

Head of Household Filing Status.

Step-by-step explanation:

Filing status refers to the various categories into which tax payers are consigned to. It determines an individuals tax rates,standard deductions,tax deductions and credits.

There are particular criterion's an individual must meet in order to be eligible for Head of Household Filing status :

1.The individual must be unmarried or "considered unmarried" by the end of the year.

2.The individual must be responsible for more than half of the cost of the home's upkeep.

3. An individual must provide proof of dependent person(s) who maybe siblings,parents or even grandparents. Adopted sibling or children also qualify as dependents.

Mark meets every aspect of this criteria as he is unmarried, pays for more than half of the costs in a house where he stays with his parents. His parents are also dependent on him.