BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$2.90
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$290, 500
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$29, 050
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$2, 905
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Detailed explanation-1: -First, calculate total income from all taxable sources, such as self-employment or salary. Then, calculate adjustments for income, such as contributions to an IRA or the deduction for self-employment taxes. Subtract these from total income and claim the standard deduction.
Detailed explanation-2: -The standard deduction is the same for all taxpayers and is set by the IRS. The amount varies depending on your filing status, and it is also regularly adjusted for inflation. You subtract your standard deduction directly from your adjusted gross income.
Detailed explanation-3: -All tax filers can claim this deduction unless they choose to itemize their deductions. For the 2022 tax year, the standard deduction is $12, 950 for single filers ($13, 850 in 2023), $25, 900 for joint filers ($27, 700 in 2023) and $19, 400 for heads of household ($20, 800 in 2023).
Detailed explanation-4: -0.05% of all tax returns filed electronically contain errors, but 20% of all tax returns filed manually contain errors.