Question

Compute the standard deduction for the following taxpayers

1.Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $15,160

2.. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $330, and her interest income is $560.

Answer 1

Answer :-

1 ) :-

• For wedded documenting joint citizens standard conclusion is $24,000. since, they are matured over 65 years, every one of them are qualified for $1,300 extra standard conclusion.
• In this manner all out standard conclusion is ($24,000 + ( $1,300 *2 ) ) = $26,600
• Standard deduction = $26,600

2 ) :-

• For a ward having earned pay under 700, standard derivation is $1,300. since, her age is more than 65, extra standard conclusion accessible is $1,600.
• Hence, absolute standard finding is ( $1,300 + $1,600 ) = $2,900
• Standard deduction = $2,900

Note :-

I did this problem under 2018 Standard Tax Deduction tables .because i question not mentioned the particular year .