Exercise 3-21 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount is zero, enter "o Click here to access the standard deduction table to use. a. Margie is 15 and daimed as a dependent by her parents. She has $1,350 in 3,550 b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody13,535 x c. Shonda is ape 68 and single. She is cdaimed by her daughter as a dependent. Hr2,600 x dividend income and $3,200 in wages from a part-time job. is 69. Their taxable retirement income is $16,135 earned income is $480, and her interest income is $740 . Frazier, age 34, is married but is fling a separate return. Hs wife itemizes her Check My Work A major component of the tax formula is the standard deduction. The effect of the standard deduction is to exempt part of a ta from Federal income tax liability All work saved. MacBook Air YO 5 8 0