Cesare Is 16 Years Old and Works Throughout the Year

question 39

Essay

Cesare is 16 years old and works throughout the year at a local coffee shop. This year, he made $9,200 at the coffee shop and earned $2,000 in interest income from his savings account. Assume that Cesare is claimed as a dependent on his parent's tax return. What is Cesare's standard deduction for the year?

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Definitions:

Accounts Receivable

Money owed to a business by its customers for products or services delivered on credit.

Inventory

Refers to the goods and materials a business holds for the purpose of resale or production.

Statement Of Cash Flows

A financial report that summarizes the amount of cash and cash equivalents entering and leaving a company.

Operating Activities

The day-to-day activities of a business that are directly related to its principal revenue-generating operations, such as sales and service delivery.