Im having trouble with theses 2 questions 1) Johnny is 20 years old and single.
ID: 2379480 • Letter: I
Question
Im having trouble with theses 2 questions
1)
Johnny is 20 years old and single. His parents properly claim him as a dependent on their joint tax return. During 2012, Johnny had the following income and expense items:
Wages from a part-time job
$3,000
Interest income from her own savings account
2,500
State and local income taxes paid
800
State and local sales tax paid
200
2)
Tammy (unmarried, age 56) claims her elderly mother (age 74) as a dependent. Tammy's mother does not live with her, but Tammy pays for almost all of her mother's household costs. If the mother has no gross income, the mother's 2012 standard deduction is?
Wages from a part-time job
$3,000
Interest income from her own savings account
2,500
State and local income taxes paid
800
State and local sales tax paid
200
Explanation / Answer
Johnny is 20 years old and single. His parents properly claim him as a dependent on their joint tax return. During 2012, Johnny had the following income and expense items:
Wages from a part-time job
$3,000
Interest income from her own savings account
2,500
State and local income taxes paid
800
State and local sales tax paid
200
Johnnys2012 taxable income is?
Adjusted Gross Income less (deductions + exemptions) = taxable income
=$4,500
Wages from a part-time job
$3,000
Interest income from her own savings account
2,500
State and local income taxes paid
800
State and local sales tax paid
200