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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
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. | $1750 |
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. | $0 |
Compute the 2021 standard deduction for the following taxpayers.
Exhibit 3.4 Basic Standard Deduction Amounts Standard Deduction Amount Filing Status 2020 2021 Single $12,400 $12,550 Married, filing jointly 24,800 25,100 Surviving spouse 24,800 25,100 Head of household 18,650 18,800 Married, filing separately 12,400 12,550 Exhibit 3.5 Additional Standard Deduction Amounts Filing Status 2020 2021 Single $1,650 $1,700 Married, filing jointly 1,300 1,350 Surviving spouse 1,300 1,350 Head of household 1,650 1,700 Married, filing separately 1,300 1,350
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