a) Taxpayers who can be claimed as dependents on someone else's tax return have variable standard deduction amounts. As of the 2019 tax year, your standard deduction is limited to either $1,100 or your earned income plus $350, whichever is more
i.e $1550+2920+350=4821
b) standard deduction for married and file return jointly is $24400 but,
Taxpayers who are age 65 and older, receive an additional standard deduction. It's calculated by adding the taxpayer's standard deduction based on their filing status, plus an additional amount.
The additional amount for people who are 65 and older is $1,300 each for married taxpayers
thus total deduction is-24400+1300+1300=27000
c) 240+515+350=1105
d) 0 as his wife itemize her deduction
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0"....
Compute the standard deduction for the following taxpayers. If an amount is zero, enter "O". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividend income and $1,480 in wages from a part-time job. 1,750 15,100 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 $11,715....
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...
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. $ $ a. Ellie is 15 and claimed as a dependent by her parents. She has $500 in dividends income and $3,440 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 $11,325....
EXCES 2 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount is zero, enter "o". Click here to access the standard deduction table to use. a 3,510 7 X Elie is 15 and claimed as a dependent by her parents. She has $1.650 in dividends income and $3.160 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66. and Woodys is 69. Their...
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She reports $1,700 in dividends income and $1,880 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 $12,170. $ c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her...
Exercise 3-21 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. Ellie is 15 and claimed as a dependent by her parents. She has $400 in dividends а. х income and $1,600 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...
2020
Exercise 3-21 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount is zero, enter "O". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $1,975 in dividends income and $1,880 in wages from a part-time job. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody $ is 69. Their taxable retirement...
Exercise 3-18 (LO. 2) Compute the 2019 standard deduction for the following taxpayers. If an amount is zero, enter "O". Click here to access the standard deduction table to use. 27.000 a. Ellie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 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...
ercise 9-2 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Margie is 15 and claimed as a dependent by her parents. She has $475 in dividend income and $2,520 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...
STU dividends income and $3,120 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woodys is 69. Their taxable retirement income is $16,460. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $300, and her interest income is $785. Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2019 standard deduction for the following taxpayers. If an...