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Lena Is 66 Years of Age,single,and Blind and Is Not

question 81

Essay

Lena is 66 years of age,single,and blind and is not claimed as a dependent.How much gross income must she have before she is required to file a Federal income tax return for 2014?


Definitions:

Currency

A system of money in general use in a particular country or in the international market for trade and finance.

Reserve Requirement

The minimum amount of reserves a bank must hold against deposits, as mandated by central banking authorities to ensure banking system stability.

Tight Monetary Policy

A central bank policy aimed at reducing inflation and slowing down the growth in the money supply by raising interest rates and other measures.

Required Reserve Ratio

The fraction of deposits that banks are required by law to keep on hand as reserves or with the central bank.

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