Question - Mr. Garrett, a single taxpayer, has $16,000 AGI. Assume the taxable year is 2018. Use Standard Deduction Table.
Married filing jointly and surviving spouses - $24,000
Married filing separately - 12,000
Head of household - 18,000
Single - 12,000
1. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income. He is 19 years old and is considered a dependent of his parents for tax purposes.
2. Compute his taxable income if Mr. Garrett's AGI consists entirely of wage income. He is 19 years old and is considered a dependent of his parents for tax purposes.
3. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income and he lives with his son who provides more than one-half of his financial support. He is 70 years old.