Andres and Lakeisha Are Married and File Jointly

question 47

Multiple Choice

Andres and Lakeisha are married and file jointly.Andres is 72 years old and in good health.Lakeisha is 62 years old and blind.What amount of standard deduction can Andres and Lakeisha claim in 2019? Standard deduction

• A)$27,000.
• B)$27,700.
• C)$25,850.
• D)$25,700.
• E)None of the choices are correct.

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Definitions:

Remote Possibility

A very low probability event; in Accounting, refers to uncertain events that are considered unlikely to happen and may not be recorded.

Current Liabilities

Obligations or debts a company must pay within a year, including accounts payable, short-term loans, and accrued expenses.

Liquidity Problem

A financial situation where an entity cannot readily convert assets into cash without a loss in value, leading to difficulties in meeting short-term obligations.

Current Liability

Short-term financial obligations due within one year or within the entity's operating cycle, whichever is longer, impacting the company's cash flow and liquidity.