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Determine the amount of the standard deduction for each of the following taxpayers for tax year 2014.
1.Leo and Mary who are under 65 and filing a joint return.They have no dependents.
2.Sergio who is single.
3.Peter who is over 65 and single.
4.Anna who is 38 and filing as head of household with a dependent child.
5.Frank who is 45 and blind and is filing as married filing separately.
Compounded Semi-annually
The process of adding interest to the principal sum of a loan or deposit on a twice-yearly basis, resulting in interest on interest.
Payments
Amounts of money paid by one party to another, often at regular intervals, in exchange for goods or services.
Repaid
The act of paying back money that was borrowed from a person, bank, or financial institution.
Interest Rate
The ratio at which interest is applied to money loaned by a borrower from a lending party.
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