Sam and Abby are dependents
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 3-17 (Algorithmic) (LO. 2)
Sam and Abby are dependents of their parents, and each has income of $4,650 for the year. Sam's standard
deduction for the year is $1,100, and Abby's is $5,000.
Because their income is the same, what causes the difference in the amount of the standard deduction?
Sam's $4,650 is
income, and Abby's $4,650 is
income.
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