ing the standard deduction table above, complete the following table (in $). Adjustments Name Filing Status Income to Income Adjusted Gross Income Standard Deduction Itemized Deductions Taxable Income S Warfield single $3,240 $ $53,660 $13,150 -Select- Then finding your client's taxable income, which deduction did you use? O standard deduction itemized deductions
ing the standard deduction table above, complete the following table (in $). Adjustments Name Filing Status Income to Income Adjusted Gross Income Standard Deduction Itemized Deductions Taxable Income S Warfield single $3,240 $ $53,660 $13,150 -Select- Then finding your client's taxable income, which deduction did you use? O standard deduction itemized deductions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the
missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing
statuses.
Standard Deductions
Single or married filing separately
$12,000
Married filing jointly or surviving spouse
$24,000
Head of household
$18,000
65 or older and/or blind
and/or someone else can
claim you (or your spouse
if filing jointly) as a dependent:
Varies
(See www.irs.gov for information.)
Using the standard deduction table above, complete the following table (in $).
Adjustments
Name
Filing
Status
Income
to
Income
Adjusted
Gross
Income
Standard Itemized
Deduction Deductions
Taxable
Income
$
Warfield
single
$3,240
$53,660
-Select- o
$13,150
When finding your client's taxable income, which deduction did you use?
standard deduction
itemized deductions
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