Question: Compute the 2 0 2 3 standard deduction for the following taxpayers. If an amount is zero, enter 0 . Click

 

Compute the 2023 standard deduction for the following taxpayers.

If an amount is zero, enter " 0 ".

Click here to access the Exhibits 3.4 and 3.5 to use.

a. Ellie is 15 and claimed as a dependent by her parents. She has $1,950 in dividends income and $3,200 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 $16,005.

c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $600, and her interest income is $560.

d. Frazier, age 44, is married but is filing a separate return. His wife itemizes her deductions.

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A major component of the tax formula is the standard deduction. The effect of the standard deduction is to exempt part of a taxpay income from Federal income tax liability.

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