South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 3, Problem 30P
a.
To determine
Indicate the amount of standard deduction allowed for the year 2018 for Person C.
b.
To determine
Indicate the amount of standard deduction allowed for the year 2018 for Person M.
c.
To determine
Indicate the amount of standard deduction allowed for the year 2018 for Person J.
d.
To determine
Indicate the amount of standard deduction allowed for the year 2018 for Person A.
e.
To determine
Indicate the amount of standard deduction allowed for the year 2018 for Person S.
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Students have asked these similar questions
Determine the amount of the standard deduction allowed for 2021 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent.
Amount of theStandard Deductiona. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars. $fill in the blank 1b. Mattie, age 18, has income as follows: $600 cash dividends from investing in stock and $4,700 from working as a lifeguard at a local pool. $fill in the blank 2c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $800 for painting a neighbor's fence. $fill in the blank 3d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. $fill in the blank 4e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.
Determine the amount of the standard deduction allowed for 2023 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent.
Amount of theStandard Deduction
a.
Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $13,600 from repairing cars.
$
b.
Mattie, age 18, has income as follows: $600 cash dividends from investing in stock and $4,700 from working as a lifeguard at a local pool.
$
c.
Jason, age 16, has income as follows: $675 interest on a bank savings account and $1,000 for painting a neighbor's fence.
$
d.
Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets.
$
e.
Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.
$
Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction.
A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions.
Solve
His gross income is $
Tax Rate
Single
10%
up to $9325
15%
up to $37,950
25%
up to $91,900
28%
up to $191,650
33%
up to $416,700
35%
up to $418,400
39.6%
above $418,400
Standard deduction
$6350
Exemption
(per person)
$4050
Chapter 3 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 3 - Prob. 1DQCh. 3 - Which of the following items are inclusions in...Ch. 3 - Which of the following items are exclusions from...Ch. 3 - Prob. 4DQCh. 3 - In choosing between taking the standard deduction...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - During the year, Brandi had the following...Ch. 3 - Prob. 20CECh. 3 - Prob. 21CECh. 3 - Prob. 22CECh. 3 - Prob. 23CECh. 3 - Prob. 24CECh. 3 - Prob. 25CECh. 3 - During the year, Tamara had capital transactions...Ch. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - Analyze each of the characteristics in considering...Ch. 3 - Prob. 32PCh. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39PCh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51CPCh. 3 - Prob. 52CPCh. 3 - Prob. 1RPCh. 3 - Prob. 2RPCh. 3 - Prob. 4RPCh. 3 - Prob. 1CPACh. 3 - Jane is 20 years old and is a sophomore at Lake...Ch. 3 - Prob. 3CPA
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