Question

Tax returns filed manually have a 20% chance of containing errors, while tax returns filed electronically have a 0.05% chance of containing the same. If 2.7 million tax returns are filed each way, how many more erroneous manually filed returns will there be than erroneous electronically filed returns? a. 270,675 b. 538,650 c. 541,350 d. 269,325

Answer 1

The difference between manually filed return and the electronically filed return is $\boxed{538650}$. Option (b) is correct.

Further Explanation:

Explanation:

The total tax return is 2.7 million.

The errors on the tax return for electronic filling are $0.05\%.$

The errors on the tax return for manual filling are $20\%.$

Number of errors in filing tax return manually can be calculated as follows,

$\begin{aligned}{\text{Errors in manual filling}} &= 2700000 \times 20\%\\ &= 2700000 \times \frac{{20}}{{100}} \\&= 540000\\\end{alignd}$

Number of errors in filing tax return electronically can be calculated as follows,

$\begin{aligned}{\text{Errors in electronically filling}} &= 2700000 \times 0.05\% \\&= 2700000 \times \frac{{0.05}}{{100}} \\&= 1350 \\\end{aligned}$

The difference in the errors can be calculated as follows,

$\begin{aligned}{\text{Difference}} &= 540000 - 1350 \\&= 538650 \\\end{aligned}$

The difference between manually filed return and the electronically filed return is $\boxed{538650}$. Option (b) is correct.

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Tax and Returns

Keywords: Tax, returns, filed, tax return, 20%, chance, errors, electronically, 0.05%, containing errors, chance, same, 2.7 million, each way, manually, manually filed, erroneous, 270575, income tax, salary, tax on salary.

Answer 2

Answer:

B) 538, 650

Step-by-step explanation:

Given:

Errors on tax returns filed manually  = 20%

Errors on tax returns filed electronically  = 0.05%

Tax return filled in each way = 2.7 million

Manual filing:

2,700,000 x 20% = 2,700,000*0.2 = 540,000

Electronic filing:

2,700,000 x 0.05% = 2, 700,000*0.0005 = 1,350

Error difference = 540,000 - 1,350 = 538,650

There will be 538,650 more erroneous tax returns filed manually than there are filed electronically.

Thank you.