Ben Is 67 Years Old and Single

question 8

Multiple Choice

Ben is 67 years old and single. He is also legally blind. When filing his 2018 income taxes, he opts to take the standard deduction rather than itemizing personal deductions. How much is Ben's standard deduction?

• A) $0
• B) $12,000
• C) $13,600
• D) $15,200
• E) $24,000

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Definitions:

Prior Year's Income Statement

A financial report that shows a company's financial performance in terms of revenue, expenses, and net income for the previous fiscal year.

Statement of Cash Flows Worksheet

A financial document used to analyze and prepare the statement of cash flows, showing how cash changes from operating, investing, and financing activities.

Significant Noncash

Transactions that have a major impact on a company's financial statements but do not involve cash flow.

Reconciling Columns

Reconciling columns involves comparing two sets of related data or financial records to ensure consistency and accuracy between them.