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Tax Drill - Computing the Standard Deduction Compute the 2023 standard deduction for...

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Accounting

Tax Drill - Computing the Standard Deduction
Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0".
Click here to access the standard deduction table to use.
a. Margie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 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 $26,000.
c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500 and her interest income is $125.
d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
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