Mazik, age 17, is a dependent of his parents.Mazik earned wages of $12,500 and had no investment income. What isMazik's standard deduction amount for 2020? What is the amount of Taxpayer Corp.'s 2023 NOL deduction?

Mazik, age 17, is a dependent of his parents.Mazik earned wages of $12,500 and had no investment income. What isMazik's standard deduction amount for 2020? What is the amount of Taxpayer Corp.'s 2023 NOL deduction?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 21P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Mazik, age 17, is a dependent of his
parents.Mazik earned wages of $12,500 and
had no investment income. What isMazik's
standard deduction amount for 2020?
What is the amount of Taxpayer Corp.'s 2023
NOL deduction?

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