FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses.

Standard Deductions

Single or married filing separately $12,000
Married filing jointly or surviving spouse $24,000
Head of household $18,000
65 or older and/or blind
and/or someone else can
claim you (or your spouse
if filing jointly) as a dependent:
Varies
(See www.irs.gov for information.)
Using the standard deduction table above, complete the following table (in $).
Name Filing Status Income Adjustments to
Income
Adjusted Gross
Income
Standard
Deduction
Itemized
Deductions
Taxable
Income
Campbell Married filing
jointly
$52,320 $1,760 $ $     $5,710 $

 

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