Question

Carlton is 16 years old and works throughout the year at a local coffee shop. This...

Carlton is 16 years old and works throughout the year at a local coffee shop. This year, he made $9200 at the coffee shop and earned $2,000 in interest income from his saving account. Assume that Carlton is claimed as a dependent on his parent's tax return. What is Carlton's standardized deduction for the year?

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Answer #1

Answer = $1050

Explanation:

For 2017, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of

(a) $1,050 or

(b) $350 + the dependent’s earned income

As carlton earned income is $9200 . Therefore he will get a standard deduction of the lower of

a) $1050 or

b) 350 + 9200 = 9550

Thus, carlton's standarized deduction will be $1050

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