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Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter O. Click here to access

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Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "O". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $1,900 in dividends income and $2,720 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 $15,420. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $330, and her interest income is $785. d. Frazier, age 38, is married but is filing a separate return. His wife itemizes her deductions. hibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married, filing jointly Surviving spouse Head of household Married, filing separately 24,400 24,800 18,350 18,650 12,200 12,400

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