Jackson is 18 years old and has a dog sitting business. Calculate the 2018 standard deduction Jackson
Question:
Jackson is 18 years old and has a dog sitting business. Calculate the 2018 standard deduction Jackson will claim under the following independent circumstances.
a. Jackson reported $2,000 of earnings from his dog sitting, $300 in interest income from his savings account, and Jackson’s parents claim him as a dependent.
b. Jackson reported $500 of earnings from his dog sitting and $2,000 in interest income from his savings account, and Jackson’s parents claim him as a dependent.
c. Jackson reported $8,000 of earnings from his dog sitting, $3,000 in interest income, and Jackson’s parents do not claim him as a dependent.
Step by Step Answer:
Essentials Of Federal Taxation 2019
ISBN: 9781260190045
10th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver