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
Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions
Section: Chapter Questions
Problem 30P
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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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