I ASSUME WE NEED TO CALCULATE STANDARD DEDUCTION FOR JIM AND MARY FILING JOINTLY. THE DEDUCTION WILL BE | |||
MARRIED AND FILING JOINTLY | Tax Year 2019 | ||
Married Filing Jointly | 24400 | ||
ADD: ADDITIONAL STANDARD DEDUCTION AS BOTH ARE OVER 65 YEARS OF AGE | 2600 | ||
ADD: ADDITIONAL STANDARD DEDUCTION AS JIM IS BLIND | 1300 | ||
28,300.00 |
Jim (70) and Mary (72) are married. In addition, Jim is blind. What is their standard...
Jim and Mary Banks are married and have two children, ages 6 and 8 they fully support. In addition, Jim's mother, Tina, lived with Jim and Mary for the entire year. Tina received $1,500 of interest income from her savings account and $3,000 of Social Security benefits. Jim and Mary provided Tina with support of $7,000. Neither Jim nor Mary are covered by pension plans. Jim's brother gave him a fly fishing pole valued at $500 for his birthday. In...
Andres and Lakeisha are married and file jointly. Andres is 72 years old and in good health. Lakeisha is 62 years old and blind. What amount of standard deduction can Andres and Lakeisha claim in 2019?
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks: 1 Choose one answer Which of the following statements is not true about limits on 2018 itemized deductions? Marks: 1 Choose one answer a Qualified medical expenses must be reduced by 75% of the AGI b. The deduction of state and local taxes paid is limited to $10,000 c. Depending on the type of contribution and recipient of the contribution, the deduction for charitable...
•According to Bonilla-Silva, what is Jim Crow racism? • According to Bonilla-Silva, what is color-blind racism? •How do the two differ?
Which of the following is a true statement? Multiple Choice O The standard deduction is increased for taxpayers who are blind or deaf at year-end. ( A married couple is only entitled to one addition to their standard deduction even if both spouses are both over age 65. Bunching itemized deductions is a legal method of tax avoidance. The standard deduction is subject to a phase-out based on AGI. о All of the choices are true.
Which of the following is a true statement? Multiple Choice arded The standard deduction is increased for taxpayers who are blind or deaf of year-end. A married couple is only entitled to one addition to their standard deduction even if both spouses are both over age 65 Bunching itemized deductions is a legal method of tax avoidance The standard deduction is subject to a phase-out based on AGI All of these choices are true.
Question 2 of 15. Bob (67) is single and not blind. What is his standard deduction for 2019? $12,000 $12,200 $13,850 $18,350 Mark for follow up Summary Next >> Save / Return Later
Jim and Mary are preparing to open a business. However, they need to determine its potential profitability by performing a break-even analysis. They have estimated that the annual fixed cost will be 25,000. The variable cost for each unit produced is $1.50 and the selling price will be $3.00. If Jim and Mary are able to sell 16,000 units, what would be their contribution to profit $0.00 $12.00 $120.00 $1200.00
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
G and S are married and file a joint return. They are both over 65 and G is legally blind. They use Standard Deduction. Their AGI is $30,000. What is their “taxable income” for 2015? a. $6,900 b. $10,500 c. $5,650 d. 22,400 e. none of these choices