Asked by Jayla Ashley on Jun 19, 2024
Verified
Which amount represents the standard deduction for a taxpayer who is single and 68 years of age?
A) $6,350.
B) $7,550.
C) $7,850.
D) $7,900.
Standard Deduction
A set amount the IRS allows taxpayers to deduct from their income before income tax is applied, reducing taxable income.
Taxpayer
An individual or entity that is obligated to make payments to municipal or government taxation agencies.
Single
A filing status for a taxpayer who is unmarried and does not qualify for other filing statuses like Head of Household.
- Determine the standard deduction amounts for various taxpayer situations.
Verified Answer
NP
Nishu PatelJun 22, 2024
Final Answer :
D
Explanation :
The standard deduction for a taxpayer who is single and 65 or older is $7,900 for the tax year 2021. Therefore, the correct option is D, which is $7,900.
Learning Objectives
- Determine the standard deduction amounts for various taxpayer situations.