Compute the 2016 standard deduction for the following taxpayers a Margie is 15 and claimed as a dependent by her parents She has $800 in dividend 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 re...

a 1750 When filing her own tax return Margie is limited to the greater of 1050 or 1750 the sum of th ...

Compute the 2016 standard deduction for the following taxpayers. a. Margie is 15 and claimed as a

Question:

Compute the 2016 standard deduction for the following taxpayers.
a. Margie is 15 and claimed as a dependent by her parents. She has $800 in 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 is $500, and her interest income is $125.
d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...