Question
In: Accounting
What standard deduction amount would the taxpayers in each scenario be entitled to? a. A single...
What standard deduction amount would the taxpayers in each scenario be entitled to?
a. A single taxpayer, not head of household, with AGI of $23,493 and one dependent.
b. A married couple filing jointly with AGI of $39,945 and two dependents.
c. A taxpayer filing married filing separately with AGI of $68,996 and one dependent.
d. A qualifying widow, age 66, with AGI of $49,240 and one dependent.
e. A head of household with AGI of $14,392 and two dependents.
f. A single taxpayer with an AGI of 2,000, that is claimed as a dependent on their parent’s tax return.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Determine the amount of the standard deduction for each of the following taxpayers for tax year...
Determine the amount of the standard deduction for each of the
following taxpayers for tax year 2019:
Christina, who is single.
Adrian and Carol, who are filing a joint return. Their son is
blind.
Peter and Elizabeth, who are married and file separate tax
returns. Elizabeth will itemize her deductions.
Karen, who earned $1,100 working a part-time job. She can be
claimed as a dependent by her parents.
Rodolfo, who is over 65 and is single.
Bernard, who is a...
Determine the amount of the standard deduction for each of the following taxpayers for tax year...
Determine the amount of the standard deduction for each of the
following taxpayers for tax year 2017:
Christina, who is single.
Adrian and Carol, who are filing a joint return. Their son is
blind.
Peter and Elizabeth, who are married and file separate tax
returns. Elizabeth will itemize her deductions.
Karen, who earned $1,100 working a part-time job. She can be
claimed as a dependent by her parents.
Rodolfo, who is over 65 and is single.
Bernard, who is a...
determine the amount of the standard deduction for each of the following taxpayers for tax year...
determine the amount of the standard deduction for
each of the following taxpayers for tax year 2017
a. Christina, who is single.
b. A drain and Carol, who are filling a joint return. their son is
blind.
c. Peter and Elizabeth, who are married and file separate tax
returns. Elizabeth will itemize her deductions.
d. Karen, who earned $1100 working a part-time job. she can be
claimed as a dependent by her parents.
e. Rodolfo, who is over65 and is...
Compute the 2017 standard deduction for the following taxpayers. If an amount is zero, enter "0"....
Compute the 2017 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
$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 retirement income is
$10,000.
$...
Compute the 2019 standard deduction for the following taxpayers. If an amount is zero, enter "0"....
Compute the 2019 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 $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
retirement income is $10,000.
$...
Determine whether the following taxpayers are eligible for the QBI deduction and the deduction amount (if...
Determine whether the following taxpayers are eligible for the
QBI deduction and the deduction amount (if any). Cathy is married
and files a joint return with her spouse. Cathy operates a small
family restaurant as a sole proprietor. She pays wages of $70,000
and the QBI from the restaurant is $100,000. Cathy’s spouse has
wages of $250,000 and their joint taxable income is $364,000. Is
Cathy eligible for QBI deduction? Answer yes or no If eligible, how
much is the...
Tax Drill - Computing the Standard Deduction Compute the 2017 standard deduction for the following taxpayers....
Tax Drill - Computing the Standard
Deduction
Compute the 2017 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
$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....
Compute the 2019 standard deduction for the following taxpayers.
Compute the 2019 standard deduction for the following taxpayers.
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 retirement income is $10,000.
c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income...
1. What is the amount of Taxpayer’s interest deduction that would be allowable for the...
1. What is the
amount of Taxpayer’s interest deduction that would be allowable for
the current year assuming Taxpayer incurred the following, and
assuming that Taxpayer itemizes deductions?
Interest on loan used to purchase land for investment (assume no
net investment income)
$18,000
Interest on loan used to purchase primary personal residence
$6,000
Interest on loan used to purchase boat
$500
Interest on loan to purchase 100 shares of General Auto
$3,000
a.
$27,000
b.
$6,000
c.
$27,500
d. ...
1. Which of the statements regarding the standard deduction, if any, is correct? a. Some taxpayers...
1. Which of the statements regarding the standard
deduction, if any, is correct?
a. Some taxpayers may qualify for two types of standard
deductions.
b. The standard deduction is not available to taxpayers who are
dependents.
c. The standard deduction may be taken as a for AGI
deduction.
d. The basic standard deduction is indexed for inflation but the
additional standard deduction is not.
e. None of these.
2. Which of the following statements relating to the
standard deduction, if...
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