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ACCT 2000 LSU Lowe-Ardoin Final: Income Tax and Formulas Questions and Answers Updated.

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Income Tax Model - Answer Gross income - deductions = AGI - standard/itemized deduction - exemptions = taxable income x tax rates = tax liability - credits and payments - amounts owed Single - Answer Unmarried/legally separated or divorced and do not qualify for another filing status Married Filing Jointly - Answer husband/wife - less combined tax when filed together Married filing separately - Answer only helps under certain situations (high medical bills) Surviving spouse/Qualifying Widow - Answer Joint rates apply for 2 years following the death of one spouse maintain a household of a dependent child Filing status is.. - Answer used to determine the amount of tax per tax rate schedule and has an impact on the amount of standard deduction Exemptions - Answer a small amount of your income ($4050) should be exempt from income tax Single Standard Deduction - Answer 6300 MFJ Standard Deduction - Answer 12600 MFS Standard Deduction - Answer 6300 HOH Standard Deduction - Answer 9300 SS/QW Standard Deduction - Answer 12600 Additional Standard Deduction - Answer Additional amounts if you are blind and/or over 65

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ACCT 2000 LSU Lowe-Ardoin Final:
Income Tax and Formulas Questions
and Answers 2025-2026 Updated.
Income Tax Model - Answer Gross income - deductions = AGI - standard/itemized deduction
- exemptions = taxable income x tax rates = tax liability - credits and payments - amounts owed



Single - Answer Unmarried/legally separated or divorced and do not qualify for another filing
status



Married Filing Jointly - Answer husband/wife - less combined tax when filed together



Married filing separately - Answer only helps under certain situations (high medical bills)



Surviving spouse/Qualifying Widow - Answer Joint rates apply for 2 years following the death
of one spouse maintain a household of a dependent child



Filing status is.. - Answer used to determine the amount of tax per tax rate schedule and has
an impact on the amount of standard deduction



Exemptions - Answer a small amount of your income ($4050) should be exempt from income
tax



Single Standard Deduction - Answer 6300



MFJ Standard Deduction - Answer 12600



MFS Standard Deduction - Answer 6300



HOH Standard Deduction - Answer 9300



SS/QW Standard Deduction - Answer 12600

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