positive value indicates the taxpayer underpaid and a negative value indicates that the taxpayer overpaid

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Federal Tax Return Errors. Suppose a sample of 10001 erroneous Federal income tax returns from last year has been taken and is provided in the file FedTaxErrors. Find it on D2L in Data Files>Ch08. A positive value indicates the taxpayer underpaid and a negative value indicates that the taxpayer overpaid. Also suppose the IRS has established that the standard deviation of errors made on Federal income tax returns is 12000. Use the Excel Starter file below to answer the following questions. Rename the Excel file to include your name (ex. FedTaxErrors - ICA 2AndrewStephenson) and upload it here by the due date. a. What is the point estimate for the mean error made on erroneous Federal income tax returns last year? b. Using 95% confidence, what is the margin of error? c. Using the results from part (a) and part (b), develop the 95% confidence interval estimate of the mean error made on erroneous Federal income tax returns last year. d. Based on your findings, are taxpayers more likely to under-or over pay taxes?

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