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Compute the standard deduction for the following taxpayers. If an amount is zero, enter "0". a....

Compute the standard deduction for the following taxpayers.

If an amount is zero, enter "0".

a. Margie is 15 and claimed as a dependent by her parents. She reports $600 in dividends income and $2,880 in wages from a part-time job. $
b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $12,495. $
c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $570, and her interest income is $470. $
d. Frazier, age 50, is married but is filing a separate return. His wife Emma itemizes her deductions.
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Answers are highlighted in yellow: Solution: a) An dependent will get a standard deduction Greater of 1050 or Earned income+350. Therefore: Standard deduction (2880+350) $ 3,230 b) Married and Elders will get additional $1300 each with a normal standard deduction of $24000 for 2018: (24000) +(1300*2) 26,600 c A Single Elders will get additional $1600 with a normal standard deduction of $12000 for 2018 but dependency deduction will be adjusted: (1050) or (570+350) + (1600) $ 2,650 d) Frazier is not eligible to use the standard deduction and therefore must itemize, because he is married filing a separate return when his spouse itemizes deductions: Hence:

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