Determine the Amount of the Standard Deduction for Each of the Following

question 3

Essay

Determine the amount of the standard deduction for each of the following taxpayers for tax year 2016.
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.

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Definitions:

ESOPs

Employee Stock Ownership Plans, a program that provides a company's workforce with an ownership interest in the company.

Significant Risk

The potential for a substantial negative outcome, affecting health, safety, or the environment.

Shareholders Votes

The rights of shareholders to vote on corporate matters, such as electing directors or approving policies, typically based on the number of shares they own.

Trust Holdings

Assets held in a trust by one party for the benefit of another, including real estate, stocks, bonds, and other investments.