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Mr. Garrett, a single taxpayer, has $14,700 AGI. Assume the taxable year is 2020. Use Standard Deduction Table.
Required:
Problem a. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income. He is 19 years old and is considered a dependent of his parents for tax purposes.
Problem b. Compute his taxable income if Mr. Garrett's AGI consists entirely of wage income. He is 19 years old and is considered a dependent of his parents for tax purposes.
Problem c. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income and he lives with his son who provides more than one-half of his financial support. He is 70 years old.
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