Jackson is 18 years old and has a dog-sitting business. Calculate the 2020 standard deduction Jackson will
Question:
Jackson is 18 years old and has a dog-sitting business. Calculate the 2020 standard deduction Jackson will claim under the following independent circumstances.
a. Jackson reported $2,000 of earnings from his dog sitting and $300 in interest income from his savings account. 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. Jackson’s parents claim him as a dependent.
c. Jackson reported $8,000 of earnings from his dog sitting and $3,000 in interest income. Jackson’s parents do not claim him as a dependent.
Step by Step Answer:
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham