Lena Is 66 Years of Age, Single, and Blind and Is

question 155

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 2019?

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Definitions:

Income

The money received by an individual or organization, typically measured on a regular basis, for work or through investments.

MRS of Pencils

The marginal rate of substitution of pencils, indicating how much of another good a consumer is willing to give up for one more pencil.

Utility

In economics, a measure of satisfaction or happiness that a consumer derives from consuming goods and services.

Consumption Bundle

A collection of goods and services that an individual or household purchases over a given period.