HomeworkLib
Question

What tax law support additional standard deduction for blindpayers?

What tax law support additional standard deduction for blindpayers?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

You can select any one of the two deductions : Itemized deductions and Standard deductions during your income tax return filing. Now, standard deduction is based on your filing status,age, and whether you are disabled or dependent on someone else's tax return. According to 2019 rules the standard deductions are as follows :

              Filing Status                         Standard deduction

               Single                                    $12,200

               Head of House                      $18350

               Married filing separately       $12,200

               Married filing Jointly              $24,400

              

Now, you are legally blind then you can have additional standard deduction of $1650 if filing Single or Head of House. If you are Married Filing Jointly and you OR your spouse is blind, you may increase your standard deduction by $1300. You may increase your standard deduction by $2,600 if BOTH you and your spouse are blind.

0 0
Add a comment
Know the answer?
Add Answer to:
What tax law support additional standard deduction for blindpayers?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1. What is Effective Tax Rate? A. the tax rate that applies to the next additional...

    1. What is Effective Tax Rate? A. the tax rate that applies to the next additional increment of a taxpayer’s taxable income. B. the taxpayer’s average rate of taxation on each dollar of total income, both taxable and nontaxable C. the taxpayer’s average level of taxation on each dollar of taxable income     D. the tax rate that applies only to corporations 2. David wants to support his tax deduction on his tax return using a primary tax authority source....

  • On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard...

    On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard deductions” if they are age 65 or older or if they are blind. On page 3-8, the text notes that the amount of a taxpayer’s basic standard deduction may be limited for 2019 to the greater of $1,100 or the sum of $350 plus the taxpayer’s earned income if the taxpayer may be claimed as a dependent on another taxpayer’s return. 1. What are...

  • As of 2018, U.S. tax law limits the tax deduction for interest payments to 30 percent...

    As of 2018, U.S. tax law limits the tax deduction for interest payments to 30 percent of: Multiple Choice points O EBIT. EBIT. eBook References net revenue. net income. O the total interest paid. O EBT

  • Problem 1-5 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO...

    Problem 1-5 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000; their itemized deductions were $16,000, and they have no dependents. Table for the standard deduction Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly...

  • Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO...

    Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Christine is a single 50-year-old taxpayer with no dependents. Her only income is $40,750 of wages. Calculate her taxable income and her tax liability. Table for the standard deduction Filing Status Standard Deduction Single $ 12,200 Married, filing jointly 24,400 Married, filing separately 12,200 Head of household 18,350 Qualifying widow(er) 24,400 Click here to access the tax tables. Taxable income: ?...

  • V. For the year 2019, tax rates and standard deduction in the U.S. are: Marginal Tax...

    V. For the year 2019, tax rates and standard deduction in the U.S. are: Marginal Tax Rate Single Returns Joint Returns 10% $0 $9,700 $0 $19,400 12% $9.701 $39.475 $19.401 $78,950 22% $39,476 $84.200 $78,951 $168,400 24% $84,201 $160,725 $168,401 $321,450 33% $160,726 $ 204,100 $321,451 $408,200 35% $204,101-$510,300 $408,201 $612,350 37% $510,301 $612,351 Standard Deduction $12.200 $24.400 Handsome and Beauty are going to get married. Determine, under each scenario below, whether Handsome and Beauty end up with paying a...

  • As a result of the Tax Cuts and Jobs Act, under Federal tax law the tax...

    As a result of the Tax Cuts and Jobs Act, under Federal tax law the tax preparation fees deduction will be suspended starting in tax year 2018. Therefore, under California tax law, a California taxpayer who itemizes his or her deductions and has an adjusted gross income (AGI) of $35,000, and no miscellaneous expenses other than tax preparation fees of $1,000, would be able to take a deduction of what amount on his or her California income tax return for...

  • 7. Zack who is single and takes the standard deduction, has taxable income of $160,000, tax...

    7. Zack who is single and takes the standard deduction, has taxable income of $160,000, tax preferences of $30,000 and a regular tax liability of $32,480. What is his AMT? a. $33,670 b. $32,480 c.$ 1,190 d. $ 3,780 e. None is correct

  • Let's assume your marginal tax rate is 24% and you claim the standard deduction because you...

    Let's assume your marginal tax rate is 24% and you claim the standard deduction because you do not have enough itemized deductions. How much tax savings would each of the following items provide? (Round answers to 0 decimal place, e.g. 5275.) a. $1,000 refundable tax credit. $ b. $1,000 nonrefundable tax credit. $ C. $1,000 FOR AGI deduction. 1 ी ी d. $1,000 FROM AGI deduction.

  • The standard deduction for mortgage interest under the 2014 U.S. tax code is: $5,900 for single...

    The standard deduction for mortgage interest under the 2014 U.S. tax code is: $5,900 for single individuals and $11,800 for married couples filing jointly $12,600 for single individuals and $6,300 for married couples filing jointly $6,300 for single individuals and $12,600 for married couples filing jointly True or False: The actual amount of mortgage interest that could be deducted by most U.S. taxpaying homeowners is almost always greater than the standard interest deduction allowed by the Internal Revenue Service (IRS)....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT