Step 1 :Given that the probability of an IRS audit is 2.9 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more.
Step 2 :The probability of a taxpayer being audited is given as 2.9 percent or 0.029 in decimal form.
Step 3 :The probability of a taxpayer not being audited is 1 - 0.029 = 0.971.
Step 4 :The odds of an event is the probability of the event happening divided by the probability of the event not happening. So, the odds that a taxpayer will be audited is \(\frac{0.029}{0.971} = 0.029866117404737387\).
Step 5 :The odds against an event is the probability of the event not happening divided by the probability of the event happening. So, the odds against a taxpayer being audited is \(\frac{0.971}{0.029} = 33.48275862068965\).
Step 6 :Rounding to the nearest whole number, the odds that a taxpayer will be audited is approximately 0.03 to 1.
Step 7 :Rounding to the nearest whole number, the odds against a taxpayer being audited is approximately 33 to 1.
Step 8 :Final Answer: The odds that such a taxpayer will be audited is \(\boxed{0.03}\) to 1. The odds against such a taxpayer being audited is \(\boxed{33}\) to 1.