Compute the 2020 standard deduction for the following taxpayers. а. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 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 $10,000 c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. Please use Microsoft excel for calculations
Compute the 2020 standard deduction for the following taxpayers. а. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 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 $10,000 c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. Please use Microsoft excel for calculations
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute the 2020 standard deduction for the following taxpayers.
а. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 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 $10,000
c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125.
d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
Please use Microsoft excel for calculations.
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Income Tax Deductions
To determine a person's tax liability for a particular fiscal year, taxable income is a set percentage of the income received by a company or an individual. A person's adjusted gross income after standard deductions and any allowable itemized deductions highlights this.
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