Explain the use of the standard deduction in computing taxable income. In choosing between the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following variables have?

The age of the taxpayer(s).

The health (i.e., physical condition) of the taxpayer(s).

Whether the taxpayer(s) rent or own their personal residence.

Taxpayer's filing status (e.g., single; married, filing jointly).

Whether married taxpayers decide to file separate returns.

The taxpayer's uninsured personal residence that recently was destroyed by fire.

The number of personal and dependency exemptions the taxpayer(s) can claim.