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 DeductionsSingle or married filing separately$12,000Married filing jointly or surviving spouse$24,000Head of household$18,00065 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent:Varies(See www.irs.gov for information.)Using the standard deduction table above, complete the following table (in $).NameFiling StatusIncomeAdjustments toIncomeAdjusted GrossIncomeStandardDeductionItemizedDeductionsTaxableIncomeLernermarried filingjointly$ $1,366$47,378$ $5,329$

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $).

Name	Filing Status	Income	Adjustments to Income	Adjusted Gross Income	Standard Deduction	Itemized Deductions	Taxable Income
Lerner	married filing jointly	$	$1,366	$47,378	$	$5,329	$

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