1. Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2018 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2018 income tax return:a.The greater of the amount of their standard deduction or their itemized deductionsb.Their taxable income 2. Jeri is single and supports her 45-year-old son who has income of $350 from working in a pumpkin patch during October and lives in his own apartment. a. Can she claim him as a dependent? b. Can she claim head of household filing status? Why or why not?

1. a. $24,400 + $1,300 = $25,700 b. $43,600 - $25,700 =$17,900.

Answered: 1. Theodore, age 74, and Maureen, age…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2018 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2018 income tax return:

a.	The greater of the amount of their standard deduction or their itemized deductions
b.	Their taxable income

2. Jeri is single and supports her 45-year-old son who has income of $350 from working in a pumpkin patch during October and lives in his own apartment.

a. Can she claim him as a dependent?
b. Can she claim head of household filing status? Why or why not?

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