Jackson is 18 years old and has a dog-sitting business. Calculate the 2022 standard deduction Jackson will claim under the following independent circumstances. a) Jackson reported $2,000 of earnings from his dog sitting and $300 in interest income from his savings account. Jackson's parents claim him as a dependent. b) Jackson reported $500 of earnings from his dog sitting and $2,000 in interest income from his savings account. Jackson's parents claim him as a dependent. c) Jackson reported $8,000 of earnings from his dog sitting and $3,000 in interest income. Jackson's parents do not claim him as a dependent.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Jackson is 18 years old and has a dog-sitting business. Calculate the 2022 standard
deduction Jackson will claim under the following independent circumstances.
a) Jackson reported $2,000 of earnings from his dog sitting and $300 in interest
income from his savings account. Jackson's parents claim him as a dependent.
b) Jackson reported $500 of earnings from his dog sitting and $2,000 in interest
income from his savings account. Jackson's parents claim him as a dependent.
c) Jackson reported $8,000 of earnings from his dog sitting and $3,000 in interest
income. Jackson's parents do not claim him as a dependent.
Transcribed Image Text:Jackson is 18 years old and has a dog-sitting business. Calculate the 2022 standard deduction Jackson will claim under the following independent circumstances. a) Jackson reported $2,000 of earnings from his dog sitting and $300 in interest income from his savings account. Jackson's parents claim him as a dependent. b) Jackson reported $500 of earnings from his dog sitting and $2,000 in interest income from his savings account. Jackson's parents claim him as a dependent. c) Jackson reported $8,000 of earnings from his dog sitting and $3,000 in interest income. Jackson's parents do not claim him as a dependent.
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