Question

What is Jerome Jackson's standard deduction for 2020 if he has $30,000 in wages and files...

What is Jerome Jackson's standard deduction for 2020 if he has $30,000 in wages and files married filing separately? He also claims one of the two children.

a. $12,400

b. $13,700

c. $24,800

d. $0

e. None of these

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Answer #1

Standard deduction is that portion of income which is subject to tax which reduces tax amount. The amount of your standard deduction is based on your filing status, age, and whether you are disabled or as a dependent on someone else’s tax return. Taxpayer can select any type of deductions between itemized deductions or the standard deduction. So, as per the 2020 Standard Deduction Amounts, the standard deductions are $12,400 for married taxpayers filing separately and $24,800 for married taxpayers filing jointly. So,

Option A is correct i.e $12,400.

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