Ask Question
BusinessBusiness
23 April, 22:43

Charlie is claimed as a dependent by his parents in 2019. He received $8,000 during the year from a part-time acting job, which was his only income. What is his standard deduction

+1
Answers (1)
  1. 23 April, 22:45
    0
    The correct answer is letter "B": $6,300.

    Explanation:

    According to the information disclosed by the Internal Revenue Service (IRS) in 2016, the standard deduction for dependents is the excess of earned income plus $350 or $1,050. That deduction cannot be greater than the current year standard deduction amount.

    For 2016, the standard deduction for a single filer was as maximum as $6,300. For 2019, the standard deduction for single filers is $12,200.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Charlie is claimed as a dependent by his parents in 2019. He received $8,000 during the year from a part-time acting job, which was his ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
How is a credit union different from a retail bank
Answers (1)
The government of Concordia adopted expansionary fiscal policies in the last two years with the aim of increasing employment. However, the government has been unable to bring down the unemployment rate in the country.
Answers (1)
Your insurance firm processes claims through its two facilities: facility A and facility B. Each month, facility A handles 6,000 claims and incurs in $50,000 fixed costs and $54,000 in variable costs.
Answers (1)
A company has current assets of $90,000 (of which $40,000 is inventory and prepaid items) and current liabilities of $40,000.
Answers (1)
Nighthawk Inc. is considering disposing of a machine with a book value of $22,500 and an estimated remaining life of three years. The old machine can be sold for $6,250.
Answers (1)
New Questions in Business
Shelly is looking at the life insurance policies listed in the table below. Which insurance company provides the most coverage per dollar of premium?
Answers (1)
For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to
Answers (1)
Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with a value of $4,000 for her services. By the end of the year, the value of the stock had decreased to $2,000.
Answers (1)
Compute the average days in inventory ratio using the following information: Net sales is $200,000 for the year, cost of goods sold are $80,000, last year's total assets were $900,000, and this year's total assets are $1,100,000.
Answers (1)
You are the project manager of the BHY Project. Your project customer has demanded that the project becompleted by December 1. December 1 is an example of which one of the following? A. ConstraintB. AssumptionC. Project boundaryD.
Answers (1)
Home » Business » Charlie is claimed as a dependent by his parents in 2019. He received $8,000 during the year from a part-time acting job, which was his only income. What is his standard deduction
Sign Up Forgot Password?