Jill Is a 16-Year-Old Child Who Is Claimed as a Dependent

question 85

Multiple Choice

Jill is a 16-year-old child who is claimed as a dependent by her parents. Jill's only income is $1,400 from her bank savings account. What is the amount of Jill's standard deduction for 2014?

• A)$1,200
• B)$1,000
• C)$3,950
• D)$6,200
• E)None of the above

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Definitions:

Sole Proprietorship

A business structure owned by a single individual, where the owner and the business are legally considered the same entity, simplifying operations but also involving personal liability.

Limited Partnership

A partnership structure where some partners are liable only to the extent of their investment while at least one partner has unlimited liability.

Uniform Partnership Act

A set of laws adopted by many states to regulate the operations of partnerships and the relationships between partners.

State Regulated Partnership Act

Legislation that governs the formation, operation, and dissolution of partnerships within a specific state, including rules on liability, ownership, and management.