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Determine the amount of the standard deduction allowed for 2024 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $14,400 from repairing cars. Amount of the Standard Deduction 14,600 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. 5,300 c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $1,000 for painting a neighbor's fence. 1,400 d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. 1,250 e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting. 15,700

Determine the amount of the standard deduction allowed for 2024 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $14,400 from repairing cars. Amount of the Standard Deduction 14,600 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. 5,300 c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $1,000 for painting a neighbor's fence. 1,400 d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. 1,250 e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting. 15,700

FINANCIAL ACCOUNTING
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 2024 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $14,400 from repairing cars. Amount of the Standard Deduction 14,600 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. 5,300 c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $1,000 for painting a neighbor's fence. 1,400 d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. 1,250 e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting. 15,700
Transcribed Image Text:Determine the amount of the standard deduction allowed for 2024 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $14,400 from repairing cars. Amount of the Standard Deduction 14,600 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. 5,300 c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $1,000 for painting a neighbor's fence. 1,400 d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. 1,250 e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting. 15,700
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