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The following information relates to Tom, a single taxpayer, age 18 (Click the icon to view the information.) (Click the icon to view the standard
The following information relates to Tom, a single taxpayer, age 18 (Click the icon to view the information.) (Click the icon to view the standard deduction amounts.) Read the requirements a. Requirement a. Compute Tom's taxable income assuming he is self-supporting. (Complete all input fields. For amounts of zero or less, enter "0" in the appropriate cell.) Wages 7000 Taxable interest income 425 Adjusted gross income 7450 Minus: Itemized deductions 310 Taxable income Requirement b. Compute Tom's taxable income assuming he is a dependent of his parents. (Complete all input fields. For amounts of zero or less, enter "0" in the appropriate cell.) Wages 7000 Taxable interest income 425 Adjusted gross income 7450 Minus: Itemized deductions Taxable income $ Wages $ 7,000 Taxable interest income 425 Itemized deductions 310 None of the itemized deductions are charitable contributions. $ STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $ 25,100 Heads of households $ 18,800 Unmarried individuals (other than surviving spouses and heads of households) 12,550 Married individuals filing separate returns $ 12,550 Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,350* Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,700* Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100
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