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Helen, age 74 and a widow, is claimed as a dependent by her daughter. For 2020,...

Helen, age 74 and a widow, is claimed as a dependent by her daughter. For 2020, Helen had income as follows: $2,500 interest on municipal bonds; $3,200 Social Security benefits; $3,000 income from a part-time job; and $2,800 dividends on stock investments.

What is Helen’s taxable income for 2020?

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Answer #1

Statement showing Helen's taxable income for 2020

Particulars Amt $ Amt $ Taxable Explanation if any
Interest on Muncipal Tax bond 2500 0 It is exempt as per IRS 2020
Social security benefits 3200 0 It is exempt as per IRS 2020
Part Time Job Income 3000 3000
Dividend on Stock Investment 2800 2800
Total Taxable Income 5800
Standard Deduction 350+5800=6150 or 1100 which is greater due to dependant status
Tax Payable NIL
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