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Chris is calculating his deductions for his tax return. He is filing singly. He can claim $1,813 from property taxes, $1,513 from medical expenses, and $761 from state income tax. The standard deduction for a single filer is $5,700. How does the standard deduction compare to Chris’s deductions? a. Chris’s deductions are $1,437 better than the standard deduction. b. Chris’s deductions are $4,087 better than the standard deduction. c. The standard deduction is $1,613 better than Chris’s deductions. d. The standard deduction is $664 better than Chris’s deductions.
Answers
The correct answer choice will be: c. The standard deduction is $1,613 better than Chris’s deductions.
Explanation
Claim from property taxes = $ 1,813
Claim from medical expenses = $ 1,513
Claim from state income tax = $ 761
So, the total amount as per Chris's deduction will be:
Given that, the standard deduction for a single filer is $5,700
Here we can see that, and
That means, the standard deduction is $1,613 better than Chris’s deductions.
Step-by-step explanation:
The correct answer choice will be: c. The standard deduction is $1,613 better than Chris’s deductions.
Explanation
Claim from property taxes = $ 1,813
Claim from medical expenses = $ 1,513
Claim from state income tax = $ 761
So, the total amount as per Chris's deduction will be: (\$1,813+\$1,513+\$761)= \$4,087($1,813+$1,513+$761)=$4,087
Given that, the standard deduction for a single filer is $5,700
Here we can see that, \$5,700 > \$4,087$5,700>$4,087 and \$5,700-\$4,087 = \$1,613$5,700−$4,087=$1,613
That means, the standard deduction is $1,613 better than Chris’s deductions.
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