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Calculate the standard deduction

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Problem - In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou:

a. Adjusted gross income

b. Standard deduction

c. Taxable income

Reference no: EM132673713

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