Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the Exhibits 3.4 and 3.5 to use. a. b. C. Ellie is 15 and claimed as a dependent by her parents. She has $775 in dividends income and $3,720 in wages from a part-time job. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $15,875. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned Income is $300, and her interest income is $245. d. Frazier, age 58, is married but is filing a separate return. His wife itemizes her deductions.
Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the Exhibits 3.4 and 3.5 to use. a. b. C. Ellie is 15 and claimed as a dependent by her parents. She has $775 in dividends income and $3,720 in wages from a part-time job. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $15,875. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned Income is $300, and her interest income is $245. d. Frazier, age 58, is married but is filing a separate return. His wife itemizes her deductions.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 2CE
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Transcribed Image Text:K
Exhibit 3.5 Additional Standard Deduction Amounts
Filing Status
Single
Married, filing jointly
Surviving spouse
Head of household
Married, filing separately
FATIDIL 3.4 Basic Standard Deduction Amounts
Filing Status
Single
Married, filing jointly
Surviving spouse
Head of household
Married, filing separately
2022
$1,750
1,400
1,400
1,750
1,400
2022
Standard Deduction Amount
2023
$13,850
27,700
27,700
20,800
13,850
$12,950
25,900
25,900
19,400
2023
$1,850
1,500
12,950
1,500
1,850
1,500
Transcribed Image Text:Compute the 2023 standard deduction for the following taxpayers.
If an amount is zero, enter "0".
Click here to access the Exhibits 3.4 and 3.5 to use.
a.
Ellie is 15 and claimed as a dependent by her parents. She has $775 in dividends
income and $3,720 in wages from a part-time job.
b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody
is 69. Their taxable retirement income is $15,875.
C.
Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her
earned Income is $300, and her interest income is $245.
d. Frazier, age 58, is married but is filing a separate return. His wife itemizes her
deductions.
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