Determine the amount of the standard deduction allowed for 2023 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. Amount of theStandard Deductiona. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $13,600 from repairing cars.$b. Mattie, age 18, has income as follows: $600 cash dividends from investing in stock and $4,700 from working as a lifeguard at a local pool.$c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $1,000 for painting a neighbor's fence.$d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets.$e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.$

It is the amount of income, that is not subject to tax and reduces the taxpayer’s tax liability. The…

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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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Determine the amount of the standard deduction allowed for 2023 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent.

		Amount of the Standard Deduction
a.	Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $13,600 from repairing cars.	$
b.	Mattie, age 18, has income as follows: $600 cash dividends from investing in stock and $4,700 from working as a lifeguard at a local pool.	$
c.	Jason, age 16, has income as follows: $675 interest on a bank savings account and $1,000 for painting a neighbor's fence.	$
d.	Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets.	$
e.	Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.	$