As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have beenasked to calculate the missing information for one of the firm's tax clients. The following tablegives the standard deduction for various filing statuses.NameStandard DeductionsSingle or married filing separatelyCampbe||Married filing jointly or surviving spouseHead of household65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent:IncomeUsing the standard deduction table above, complete the following table (in $).FilingStatuSAdjustedGrossIncomeAdjustments toIncome$52,120$1,560$12,000$$24,000Married filingjointlyWhen finding your client's taxable income, which deduction did you use?C standard deduction itemized deductions$18,000Varies(See www.irs.gov for information.)$StandardDeductionItemizedDeductionS$5,910TaxableIncome$

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Answered: As a tax return preparer for The…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 6FPE

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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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $56,120 $1,760 $ $ $5,710 $ When finding your client's taxable income, which deduction did you use? standard deductionitemized deductions
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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $56,320 $1,560 $ $ ---Select--- 12,000 24,000 18,000 $5,710 $ When finding your client's taxable income, which deduction did you use? A. standard deduction B. itemized deductions
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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Warfield single $ $3,240 $49,260 $ $14,160 $ When finding your client's taxable income, which deduction did you use? standard deductionitemized deductions
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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Warfield single $   $3,240 $53,260 $      $14,160 $
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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $58,320 $1,560 $ $     $5,910 $ When finding your client's taxable income, which deduction did you use?
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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Lerner married filingjointly $ $1,366 $47,378 $      $5,329 $
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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Warfield single $ $3,340 $53,360 $ $14,160 $ When finding your client's taxable income, which deduction did you use? a. standard deduction or b. itemized deductions
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 $). Adjustments Adjusted Filing Standard Itemized Taxable Name Income to Gross Status Deduction Deductions Income Income Income $ $ Warfield single $3,240 $53,660 $13,160 ---Select--- When finding your client's taxable income, which deduction did you use? O standard deduction itemized deductions
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 blindand/or someone else canclaim you (or your spouseif 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 toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $52,320 $1,760 $ $ $5,710 $
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 $). Adjustments Adjusted Filing Status Standard Itemized Taxable Name Income to Gross Deduction Deductions Income Income Income $ $ Warfield single $3,340 $53,160 $13,160 -Select--- When finding your client's taxable income, which deduction did you use? O standard deduction O itemized deductions
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 $). Adjusted Gross Adjustments Filing Standard Itemized Taxable Name Income to Status Deduction Deductions Income Income Income 2$ $ 56,500 12,000 Warfield single $3,340 $53,160 $13,160 41,160 When finding your client's taxable income, which deduction did you use? standard deduction itemized deductions
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 Varies claim you (or your spouse (See www.irs.gov for information.) if filing jointly) as a dependent: Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments to Adjusted Gross Income Income Standard Deduction Itemized Taxable Deductions Income Campbell Married filing jointly $52,320 $1,560 $ $---Select--- v $5,910 $ When finding your client's taxable income, which deduction did you use? O standard deduction O itemized deductions

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