Question

Charlie is claimed as a dependent by his parents in 2019. He received $8,000 during the year from a part-time acting job, which was his only income. What is his standard deduction

Answer 1

The correct answer is letter "B": $6,300.

Step-by-step explanation:

According to the information disclosed by the Internal Revenue Service (IRS) in 2016, the standard deduction for dependents is the excess of earned income plus $350 or $1,050. That deduction cannot be greater than the current year standard deduction amount.

For 2016, the standard deduction for a single filer was as maximum as $6,300. For 2019, the standard deduction for single filers is $12,200.