Don't use Ai and chatgpt.Answer in step by step with explanation. Jackson is 18 years old and has a dog - sittingbusiness. Calculate the 2024 standard deductionJackson will claim under the following independentcircumstancesA.) Jackson reported $2,000 of earnings from hisdog sitting and $300 in interest income from hissavings account. Jackson's parents claim him as adependentB.) Jackson reported $500 of earnings from his dogsitting and $2,000 in interest income from his savingsaccount. Jackson's parents claim him as a dependentC.) Jackson reported $8,000 of earnings from hisdog sitting and $3,000 in interest income. Jackson'sparents do not claim him as a dependent.

Situation B:Profits: $20 from dog sitting and $2000 as interests.For the dependent standard…

Answered: Jackson is 18 years old and has a dog -…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 69P

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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.
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