Stock Certif
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Standard tax deduction?
Need to know standard deductions for the following…..All are being claimed as dependants on other persons …
Male age 18- income of 600 interest from certif. of deposit + 5100 for repairing cars
Female-age 18–400 from cash dividends from stock investments + 3600 handling a paper route
Male-age 16–900 in interest bank savings acct + 600 for painting neighbors fence
Female-age 15- 300 from cash dividends stock investment + 500 for grooming pets
Widow–age 67– 1,200 bank savings acct + 2,000 babysitting
For 2007 standard deduction
Good thing I’m bored, otherwise I wouldn’t be helping you study or do your homework. In the order you listed:
1) $5350 (cannot exceed single standard deduction)
2) $3900 (interest is not earned income, as defined by the IRS in Publication 505)
3) $900
4) $850 ($850 is the minimum standard deduction)
5) I’m not sure how this is possible. In order to use the same table as the previous four, the widow has to have a dependent child.