Question

Data Table Salary Taxable interest income Itemized deductions $ 2,300 800 450

Answer 1

Hi

Let me know in case any issue and query:

a) Greater of Itemized or Standard Deduction is opted.

b) For Dependent, Standard deduction is Greater of (2300+350) or 1050.

Naming convention is not available, can be slightly different: Solution: a) If Mike is Self-supporting: $ 2,300 800 $ 3,100 Salary Taxable Interest Adjusted Gross Income Minus: Standard Deduction Taxable Income $ 12,000 0 b) If Mike is Dependent Salary Taxable Interest Adjusted Gross Income Minus: Standard Deduction Taxable Income $ 2,300 800 $3,100 $ 2,650 $ 450 2300+350 Note: a) Greater of ltemized or Standard Deduction is opted b) For Dependent, Standard deduction is Greater of (2300+350) or 1050