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Mkey [24]
3 years ago
11

Taxpayers have a choice of deducting the standard deduction or their itemized deductions. Therefore, ________ AGI deductions are

considered to be beneficial to more taxpayers because:________
a. For; these deductions increase the amount of the standard deduction
b. From; they result in a lower AGI which reduces the limitations based on AGI that decrease some tax benefits
c. For; they are available to all eligible taxpayers, not just those that itemize deductions
d. From; these deductions reduce a taxpayer's tax liability dollar for dollar
Business
1 answer:
Luba_88 [7]3 years ago
4 0

Answer:

C) For; they are available to all eligible taxpayers, not just those that itemize deductions

Explanation:

Any individual's adjusted gross income is equal to the individual's total gross income minus certain specific deductions, e.g. health savings account, contributions to retirement accounts, student loan interest, etc.

An individual's taxes are calculated using the adjusted gross income as basis, not simply the gross income.  

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Stephanie is a twelve-year-old who often assists neighbors on weekends by babysitting their children. Calculate the 2013 standar
Delicious77 [7]

Answer:

a) $1,200

b) $1,850

c) $6,200

Explanation:

First ,we are to determine Stephanie's claims based on different circumstances using the 2013 standard deduction

a) Reported $850 earnings from babysitting - claim 1,200

For 2013, the minimum standard deduction is $1,000, hence Stephanie is able to claim the greater of the following two: The minimum standard deduction of $1,000 or her earned income of $850 + $350 which is $1,200. Stephanie can claim $1,200

b) Reported $1500 - Claim $1,850

For 2013, the minimum standard deduction is $1,000, hence Stephanie is able to claim the greater of the following two: The minimum standard deduction of $1,000 or her earned income of $1500+ $350 which is $1,850. Stephanie can claim $1,850

c) reported $6,200 - Claim $6,200

For 2013, the minimum standard deduction is $1,000, hence Stephanie is able to claim the greater of the following two: The minimum standard deduction of $1,000 or her earned income of $6200+ $350 which is $6,550. However, she can only claim $6,200 because as a 2013 the maximum standard deduction for a single person which is her filing status is $6,200

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