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27 March, 22:55

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

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  1. 27 March, 23:21
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    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.
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