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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
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 the Standard Deduction a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars. S 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 $800 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. Problem 3-40 (LO. 1, 2, 3, 4, 5, 6) Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $96,000, contributes $6,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used for vacations. She has $8,200 in itemized deductions. Click here to access the standard deduction table to use if required. a. Morgan's taxable income is $ b. Using the Tax Rate Schedules (click here), tax liability for Morgan is $ for 2021. C. Compute Morgan's dependent tax credit
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