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Mr. Garrett, a single taxpayer, has $16,300 AGI. Assume the taxable year is 2021. Use Standard Deduction Table. Required: a. Compute his taxable income if
Mr. Garrett, a single taxpayer, has $16,300 AGI. Assume the taxable year is 2021. Use Standard Deduction Table. Required: a. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income. He is 19 years old and is considered a dependent of his parents for tax purposes. b. Compute his taxable income if Mr. Garrett's AGI consists entirely of wage income. He is 19 years old and is considered a dependent of his parents for tax purposes. c. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income and he lives with his son who provides more than one-half of his financial support. He is 70 years old. Married filing jointly and surviving spouses Married filing separately Head of household Single $25,100 12,550 18,800 12,550
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