Julie,an unmarried individual,lives in a home with her 13-year-old dependent son,Oscar.This year,Julie had the following tax information.Standard Deduction Table. Compute Julie's adjusted gross income (AGI)and taxable income.

Question

Julie,an unmarried individual,lives in a home with her 13-year-old dependent son,Oscar.This year,Julie had the following tax information.Standard Deduction Table.   Compute Julie's adjusted gross income (AGI)and taxable income.

Quizplus · Accepted Answer

We don't have all the necessary information to calculate Julie's AGI and taxable income, as we don't know her total income for the year. However, we do know that she can claim a standard deduction for herself and her son, which is $18,000 for tax year 2020. Therefore, her taxable income would be her total income (minus any deductions or credits) minus the standard deduction. Using the numbers given in the Standard Deduction Table:

$118,550 (total income) - $18,000 (standard deduction) = $100,550 (taxable income)

Therefore, the answer is C.

Julie,an Unmarried Individual,lives in a Home with Her 13-Year-Old Dependent