Accounting questions and answers. It's important to determine your eligibility for tax deductions and tax credits before you file. The 10 Best Freelancer Tax Deductions. ☀️ Sunscreen & protection Write it off using: Schedule C, Box 27a You can write off items you use for sun protection on the job,. 00 and $11. A nationwide shortage of lifeguards has water parks, camps and municipalities scrambling to hire thousands to staff swimming pools, lakes and beaches. Post-Submission Answers: $12,550; $5,050; $1,150; $1,100; $5,250. $7,400 61. Created by Infographic World. There is a wide range of deductions you can claim as an Aged Care Worker, such as: Car expenses, including parking costs and tolls, if you travel between different jobs on the same day (for example from working at a nursing home to a second job as a nanny) or to different locations for your work (for example if you are doing home visits) Any. He earned $4,200 at a summer job. Likewise, if the company. So if you made $50,000 of taxable income in 2022 but you qualify for $3,000 in. 5%pa (if in a rental property). 00 per hour, while more experienced lifeguards can earn up. Education and Training. Feedback Check My Work The standard deduction is the sum of two components: the basic standard deduction and. For tax year 2022 (what you file in early 2023), the standard deduction is $12,950 for single filers, $25,900 for joint filers and $19,400 for heads of household. BUT she still owes self. 2% of your income for Social Security tax, but that only applies to income up to $147,000, meaning the maximum Social Security tax you could pay in 2021 is $9,114. $2,007 In response to the competitive job market and the widening skills gap, many employers are choosing to develop needed job skills by investing in training for current employees or offering training. Total tax Deductions on our Pool. A. After six games in World Cup qualification, Brazil has just seven points. Small business owners may take a startup cost deduction of up to $5,000 in startup costs in their first year of business. Tax deductions: Tax deductions not guaranteed due to being subject to user data entry errors. The COVID-19 outbreak has placed greater focus on the importance of PPE for frontline health workers and anyone working in a job that requires close human contact, and all occupation specific clothing or equipment required for these roles is eligible as tax deductions. The reduced rate applies only if your service materially affects your ability to pay and applies. You can also claim the cost of repairing and insuring tools and equipment if need be. b. The IRS published proposed regulations ( REG - 113295 - 18) on May 11, 2020, to clarify that certain deductions allowed to an estate or nongrantor trust are not miscellaneous itemized deductions and, thus, are unaffected by the suspension of miscellaneous itemized deductions for tax years beginning after 2017 and before 2026. 625 for the second half . Here are 17 tax deductions for actors, musicians, and other performers you should be keeping track of throughout the year. Here are the current deducton amounts: Tax year 2020: $12,400 (single) & $24,800 (married, filing jointly) Tax year 2021: $12,550 (single) & $25,100 (married, filling jointly) Just for filing a tax return in 2021 for 2020, the “standard deduction” reduces your taxable income by up to $24,800. For the 2023 tax year, the standard deductions are: Single or married filed separately: $13,850. In general, entry-level lifeguards can expect to earn between $8. Mileage calculation provided by the Australia Taxation Office - 78 cents per kilometre from 1 July 2022 for the 2022-2023 income year. Medicare taxes are 1. The federal tax deductions for $1,020 weekly under claim code 1 is $94. For example, the standard deduction for single filers is $12,400. For 2021, qualified long-term care premiums, up to the amounts shown below, can be included as medical expenses on Form 1040, Schedule A, Itemized Deductions, or in calculating the self-employed health insurance deduction: Age 40 or under: $450. One is the itemized deduction that all taxpayers can claim for health insurance premiums on annual tax forms. Fees paid to a registered tax agent (like H&R Block) for preparation of your return, amendments and generally handling your tax matters are all deductible. Expenses include everything from business cards and advertisements to logo design. The tax deduction is subject to a few limitations based on the type of income, trade, or business you are in, and the amount of net income you earn. Increased Standard Deduction. Amount of the Standard Deduction 12,550 $ 5,650 a. Below, are the five most common pet tax deductions you may be eligible to claim in 2023 for the 2022 tax year. Most H1B visa holders pay between 20-35% of their income. With the passage of the Tax Cuts and Jobs Act of 2017, a number of popular tax deductions were either eliminated or limited. Standard deduction increase: For tax year 2023, the standard deduction increased to $13,850 for single. You’re simply subtracting your qualifying expenses from your revenue to help reduce the amount of money you owe the IRS. Regular method: An amount based on your expenses and the percentage of your home that you dedicate to business use. If you get a $1,000 tax deduction and you’re in the 22% tax bracket, that deduction reduces your taxable income and saves you $220 when it’s all. $182,950 For each of the following cases, indicate the filing status for the taxpayers) for 2010 using the following legend: A - Single B - Married, filing a joint C - Married, filing separate returns D - Head of household E - Qualifying widow(er) a. The standard deduction is $13,850, so the taxpayer needs an additional $5,850 in itemized deductions, such as mortgage interest or state and local taxes, to be able to claim the charitable tax. This maximum limit of Rs. The U. If you need advice, contact us at info@personaltaxspecialists. Automated External Defibrillator (AED) Basic Life Support (BLS) ALS & PALS. A deduction for other payroll taxes paid by the employer on the employee's behalf would need to be authorized in writing by the employee. Lifeguarding may be a seasonal job, but you will learn a lot of worthwhile skills during training and on the job. b. Tax Deductions. tax code provides a tax deduction for certain work-related training and education expenses. Service & Emotional Support Animal Tax Deduction. Qualified Education Expenses for Education Credits. The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. Expert Insights. 5. This can include legal fees, employee training, and market research. A handbag you purchase specifically for work related purposes is just one of the items on our list of surprising tax deductions you might be able to claim. Follow our easy steps to avail enormous tax deductions. 08 Tax Deductions for Actors, Musicians, and Other Performers. The law tweaked and even eliminated many itemized deductions, and subsequent legislation has made some additional changes as well. Write it off using: Schedule C, Box 25. Those 65 and older can claim an extra $1,400. These can significantly reduce your taxable income, leaving more money in your pocket at the end of the day. For tax year 2023, which you will file in 2024, the standard deduction will go up to $13,850 for single filers, $27,700 for joint filers and $20,800 for heads of household. Mattie, age 18, has income as follows: $600 cash dividends from investing in stock and $4,700 from working as a lifeguard at a local pool. Self-education expenses. The total cost of Los Angeles County lifeguards’ pay and benefits came to more than $57 million, and the highest-earning L. For Tax Year 2021. 5 million last year. HSA tax advantages. Mileage: Keep track of all your business-related trips. a. , T/F -- Certain taxpayers are not allowed to claim any standard deduction, and the standard deduction is limited for others. pension-filter. Again, calculate. I took this information from Publication 535; check to make. . The limit for appreciated assets in 2022 and. Everyone’s calling this the “three-martini lunch” tax break. For more information, watch our Claiming small business tax. The standard deduction allowed for 2020 is $1,100 for dependents, except for widows who are over 65 years old, who have. 29, 2023. In each case, assume that the taxpayer is claimed as another person's dependent. Generally, these are the costs of doing business. The Servicemembers Group Life Insurance program provides low-cost life insurance to military members. In order to work as a correctional officer, you have to ensure the safety and protection of those around you. The standard deduction is the sum of two components: the basic standard deduction and the additional standard deduction. IR-2023-215, Nov. She earns $5,000 as a lifeguard during the summer. Most are temporary, however. While most single taxpayers get $6,200, single taxpayers older than 65 get an extra $1,550. Regularly treat the pool with the correct amount of chemicals. Tax Tip 2022-44, March 22, 2022 — Members of the military may qualify for tax benefits not available to civilians. The. However, the Form 1040-SR has larger text and some helpful tips for older taxpayers. $19,400 for heads of household. treading water. The stand-ard deduction for taxpayers who don't itemize their deductions on Schedule A of Form 1040 or 1040-SR is higher for 2020 than it was for 2019. , for a drill or meeting) may deduct unreimbursed travel expenses (transportation, meals and lodging) as an above-the-line deduction. Tip #3. 1 of 4. If you claim a deduction of more than $500 for an article of clothing, or a household item, that is not in good used condition or better, you must attach the appraisal. Sample 3: As a dependent, if you have taxable income of $15,000, then you claim the standard deduction for single taxpayers of $13,850 and pay tax on the remaining $1,150. The cost of luggage and bags used to transport gear for interstate and international games. The Income Tax Act, 58 of 1962 (Income Tax Act), sets out rigid requirements that must be met before. Tax Deduction. In 2011, Jill had $7,400 of income, which consisted of $6,000 in wages earned during the summer as a lifeguard, and $1,400 interest on a savings account. Determine the amount of the standard deduction allowed for 2022 in the following independent situations. Many older taxpayers may find that their standard deduction plus the. This is a newer self-employment deduction. You'll receive a Form W-2, Wage and Tax Statement from your employer, which will. Deductions for the cost of a working with children check if you currently work with children. One of the doors will guide you to freedom and behind the other is a hangman–you don't know which is which, but the guards do know. Full or larger bed: $52 to $176. The lifeguards also sued the state of California for its role in enforcing the unconstitutional dues deductions. Other employers are raising hourly pay to $10 to $30. For every $1. Labor Code § 4850 provides first responders and public safety officers with up to 1 year (52 weeks) of their full salary when they are injured on the job and placed on temporary disability. Determine the amount of the standard deduction allowed for 2021 in the following independent situations. 20 Popular Tax Deductions and Tax Credits for 2023-2024. Credits can reduce the amount of tax you owe or increase your tax refund. For example, if your AGI is $50,000, you can deduct medical expenses in excess of $3,750. For 2020, the charitable limit was $300 per “tax unit” — meaning that those who are married and filing jointly can only get a $300 deduction. A 100% deduction is allowed for certain business meals paid or incurred after 2020 and before 2023. 1. Here’s how to become a. 8. $4,700 (earned income) + $350. C. The standard deduction allowed for Mattie, age 18, is $1,100. Read out top tax deductions for Security Guards. 1. The ATO accepts sun protection tax deductions for sunglasses where a worker is exposed to the sun during their work day. This includes expenses such as swimwear, hats, sunglasses, sunscreen, first aid kits,. Otherwise, you may be able to deduct the below values: Twin bed: $36 to $104. ” 3. These are the standard deduction amounts for tax year 2022: Married couples filing jointly: $25,900, an $800 increase from 2021. The $25,000 hazard pay proposal calls for essential workers to be paid a $13 an hour hazard pay bonus until they receive “up to” $25,000 total in hazard pay. “Without itemized deductions, most people will lose all tax. tax chapter 8. Flexible. $284,500 b. Married. Sometimes, even with qualified. You are able to claim for the purchase, dry-cleaning, laundry, repair, replacement, and renting of all items deemed to be part of your uniform. If you had $5,000 in eligible medical expenses, you could deduct $1,250 on your income tax return. These are broken down into seven (7) taxable income groups, based on your federal filing statuses (e. The Standard Deduction is subtracted from regular income (which includes W2 and 1099Misc income). Add. WASHINGTON — The Treasury Department and Internal Revenue Service today issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements. Zippia's data science team found the following key facts about certified lifeguards after extensive research and analysis: There are over 53,734 certified lifeguards currently employed in the United States. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400. You subtract the amount of the tax deduction. Qualified, unreimbursed medical expenses above 7. Your Comcast bill is a tax write-off. While tax deductions lower your taxable income, tax credits cut your taxes dollar for dollar. Tax Deductions for Correctional Officers. Reservists’ travel deduction: Members of. EXPLANATION: According to collect from the data Let us assume that the data as followed by In 2022 a dependent have a standard deduction greater of $1,150 or earned income +$40. , may be eligible for a write-off. TAX TIP – The ATO considers the following expenses are NOT deductible: Conventional clothing – “Plain Clothes” security guards cannot claim the costs of conventional clothing used in their work. All costs related to the marketing and promotion of your business are deductible. According to TurboTax, medical expenses are only deductible to the extent that they exceed 7. Enter as "other expenses" and identify it as education or training. Information about Publication 502, Medical and Dental Expenses, including recent updates and related forms. 34(l), encompasses the duties of rescuing swimmers in danger of drowning, the monitoring of activities at a swimming pool to prevent accidents, the teaching of water safety, and providing assistance to patrons. This would add another $444. They’ll expire in 2025 unless Congress moves to keep some or. Deductions for the cost of a membership, accreditation or annual practising certificate you need to work in your field. But don't worry. ; Line 25600 – Additional deductions: Adult basic education tuition assistance Find out if you can claim a deduction for your adult basic education, whether. For the 2021 tax year, the charitable deduction is even better, at least for those who file a joint return. The Lifetime Learning Credit is worth up to $2,000 per tax return. Deduction over $5,000. Our tax deduction lists are written by our qualified and experienced accountants and show you all of the tax deductions you can claim in your specific industry. 2) Determine the amount of the standard deduction allowed for 2021 in the following independent situations. But there's still training to be done. 1. You'll receive a Form W-2, Wage and Tax Statement from your employer, which will. 60. When tax season rolls around, you'll need to exhibit the same amount of caution when filing ytour tax return. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars. To a maximum of 5,000 business kilometres per car (Deductions are only applicable to cars)Amount of the Standard Deduction a. Section 143. For details on these fast filing methods, see your income tax package. A tax deduction isn’t as simple. You can't always claim your education expenses as a business deduction. If you have $50,000 or less in startup costs and are in your first year of business, the IRS allows you to deduct $5,000 in startup costs and $5,000 in organization costs as a tax deduction. ) The taxpayer must be legally separated from their spouse. Sam's standard deduction for the year is $1,100, and Abby's is $7,970. items that cost over then $300 or form part of a set, you can claim a deduction for their decline in value. 478 UUP Lifeguard Fee Payers 479 NY Cons Officer Assoc 480 PEF Severance Sal Def LSP Pmt 481 NYS TroopersPBA Signal 30 Fund 482 NYS Police Inv Foundation 483 PBANYS Dues. Let’s say you owe $2,000 in taxes but have a $3,000 tax credit. For tax year 2021, the flat rate is $12,550 for single filers and those married filing separately. Seminars, conferences and training courses. reported on a W-2 form, the kiddie tax doesn’t apply, so that gig as a camp counselor or lifeguard is in the clear. The form generally mirrors Form 1040. Details on claiming common guard and security employee expenses for: Parking fees and tolls. The expenses must exceed 7. S. A tax deduction decreases your taxable income. ) The taxpayer must file a separate tax return from the spouse. Jackson, Mississippi, is raising lifeguard pay by more. Joe is a self-employed writer and had $60,000 in self employment income in 2022. It operates 25 lifeguard towers throughout the county, five of which are open throughout the year. Generally, these. As a member of the military, you cannot be charged more than 6% a year on any money you may have owed the IRS before you entered military service. Consider following these steps to improve the skills that can help you operate successfully as a lifeguard: 1. In 2021, the standard deduction looks like this: $12,550 for single tax filers and married couples filing separately. For 2022, the maximum amount that can be excluded from an employee’s income through a dependent care assistance program is $5,000 ($2,500 if married filing separately). As mentioned, independent contractors are responsible for paying self-employment tax, which sits at 15. For 2022, that’s $0. For example, they don't have to pay taxes on some types of income. But what about your tax bills? If you do them the. He has to pay 15. Determine the amount of the standard deduction allowed, assume each tax payer is a dependent. Health savings account deduction. If you are 65 or older, you get an additional $1,750. 531. Credits and Deductions for Individuals. Here are 17 tax deductions for actors, musicians, and other performers you should be keeping track of throughout the year. Based on the latest jobs data nationwide, Lifeguard's can make an average annual salary of $21,930, or $11 per hour. 625 for the second half . You are able to claim for the purchase, dry-cleaning, laundry, repair, replacement, and renting of all items deemed to be part of your uniform. Caution: An EO can be held liable for employment taxes, plus interest and. Contact us at (877) 252-3327 or email us at [email protected] 2: If your income was $3,200, your standard deduction would be: $3,600 as the sum of $3,200 plus $400 is $3,400, thus greater than $1,250. You can use the 2022 Standard Deduction Tables near the end of this publication to figure your standard deduction. Maintain all records and receipts for 5 years from the date you lodge your return. If $125 worth of those premiums relate to your income protection, and $75 relate to life insurance in case of death then only $125 per month would be assessable for tax deductions. Multiplying this by 7. A personal aquatic survival skill lets a person survive and/or be safe in the water. If you are a security specialist who owns their own business or work on your own, you'll be considered self-employed. ) The taxpayer must furnish more than half the cost of maintaining the household, b. Examples may include: – Daily washing of uniform items such as shirts, pants, skirts, scarves, ties, shoes, etc. lifeguards. The size of your tax deduction depends on your premium, your taxable income and the rate of tax you pay. What is the T2200 tax form used for? As a full-time salaried employee, you’ll use Form T2200, “Declaration of Conditions of Employment” to deduct work-related expenses (including home office expenses) from your income tax return. The alternative to those is a points deduction. Here are some other tax benefits for military personnel: Maximum interest rate capped at 6%. The occupation of lifeguard,as per 29 C. These can be made by check, credit card or even payroll deduction through your employer. ) The taxpayer must furnish more than half the cost of maintaining the household, b. Similar to 2022, cash contributions in 2023 can make up 60% of your AGI. This article provides an overview of the tax deductions for lifeguards in Australia. Charitable giving tax deduction limits are set by the IRS as a percentage of your income. In each case, assume that the taxpayer is claimed as another person’s dependent. com. If you're married, filing jointly or separately, the extra standard deduction amount is $1,500 per qualifying individual. A short walk between offices, for example, is not considered significant enough exposure. Social Security deductions are 6. The amount depends on your filing. Explanation: a. Before you earn your lifeguard certification, determine what type of lifeguard you want to be. Compute Megan's 2014 exemption deduction if her AGI is: a. If you work as a security guard, some of the tax deductions you may be able to claim on. WASHINGTON — The Treasury Department and Internal Revenue Service today issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements. 2) Determine the amount of the standard deduction allowed for 2020 in the following independent situations. The organization that received the property must complete and sign Part V of Section B, Form 8283. This article is for general information only. 1 of 4. Rule #7: You can write off employee. One of the guards always tells the truth and the other always lies. Get in touch with our friendly customer service team members. If donations are made to private foundations (such as a family foundation), the annual limit. – Purchasing protective clothing and. In tax law, a standard deduction reduces the taxable portion of your income by a fixed dollar amount, lowering your overall tax liability. This includes: Disposable or reusable gloves; Disposable or reusable face masks If you receive a very large bonus—over $1 million—you'll likely have 22% federal tax withheld on the first million, then 37% on the amount of the bonus above the first million. During the year, the bond pays $20 in interest. The EO does not generally have to withhold or pay any taxes on payments to independent contractors. Amount of theStandard Deduction a. Agency fees, commissions and payments. Small Business. Margin loan rates from 5. 69 million will come from the county's general. Our occupation and industry guides help you to complete your tax return, use these guides to: work out what income and allowances to declare. Tax deduction savings. A standard deduction is a simpler, easier-to-use alternative to itemized deductions, in which you calculate and list specific expenses, such as mortgage interest, medical expenses, or charitable. II. For tax year 2023, which you will file in 2024, the standard deduction will go up to $13,850 for single filers, $27,700 for joint filers and $20,800 for heads of household. First Year. Under HIPAA (Health Insurance Portability and Accountability Act of 1996), LTCI premiums are treated like health insurance premiums for the self-employed. Standard deduction 2023 (taxes due April 2024) The 2023 standard deduction is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800. Determine the amount of the standard deduction allowed for 2020 in the following independent situations. S. Information about Publication 502, Medical and Dental Expenses, including recent updates and related forms. The 10 Best Freelancer Tax Deductions - NerdWallet. The standard deduction allowed for Curtis, age 18, is $1,100. In other words, no deduction is allowed for “voluntary” out-of-pocket expenses (consistent with the principle that no good deed goes unpunished). Married, filing jointly: $27,700. 1,50,000 12 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD. You can deduct the cost of any medical expenses related to the person you care for, including prescription medication, medical aids, and supplies. 🩺 Medical supplies Write it off using: Tax deductions for security specialists If you work in security or asset protection or as a correctional officer, the money you make providing security services may be considered income from self-employment. The standard deduction nearly doubled to $12,000 if. Medical, Health. In each case, assume that the taxpayer is claimed as another person's dependent. For details of the Tax deductions that you can claim in the following industries click to go to the relevant page. Study with Quizlet and memorize flashcards containing terms like Determine the amount of the standard deduction allowed for 2019 in the following independent situations. R. Since these amounts are considered an expense for medical care, these amounts can also be paid or reimbursed under a health. Lucy, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. You need internet to do your job! Keep reading for a comprehensive list of write-offs that most security workers can claim to save money on their taxes. 50. That means that 2% of your AGI (Adjusted Gross Income) is subtracted from your total miscellaneous itemized deductions. Most people can’t deduct pet medical expenses on their tax return, but anyone can deduct. 1,50,000 12. 67/yr to the annual tax deductions. “We have raised wages at all. The city’s lifeguard requirements are similar to those at state-run beaches in Long Island, where lifeguards must be able to swim 100 yards in 75 seconds or less to prove they have the strength. Investing in employee education is an important part of many business growth plans and the good news is that these expenses are fully deductible. A standard deduction is a single, fixed amount of money you can deduct. 3. Deduction under section 80E against aggregate income (gross total income) Interest schedule from the bank or financial institution: Standard deduction and staff benefits from the employer: Apart from the above tax exemptions and deductions claimed by an employee, the employer also allows a standard deduction to every employee. Determine the amount of the standard deduction allowed for 2023 in the following independent situations. a. The standard deduction for Johnny is the greater of $1,150 or $400 + the total earned income (up to $13,850). S. According to the New York State Department of Labor, the median salary for lifeguards in the Finger Lakes region is $25,610. The deduction will increase to 10 percent in 2019. 4. 2)Determine the amount of the standard deduction allowed for 2023 in the following independent situations. Similar to 2022, cash contributions in 2023 can make up 60% of your AGI. So if you made $50,000 of taxable income in 2022 but you qualify for $3,000 in tax deductions, the IRS will only tax $47,000 of your income. Your Comcast bill is a tax write-off. To apply to be a DCR lifeguard visit the agency’s website . That’s the 2024 regular standard deduction of $29,900 for married taxpayers filing joint returns, plus three additional standard deductions at $1,550 apiece. Most income is taxable but some is exempt, like SSI payments, workers’ comp settlements, and some short-term disability benefits. c. g. Certain taxpayers, however, are not allowed to claim any standard deduction, and the standard. 2. b. F. Most credits are divided into two types: refundable or nonrefundable. Alan is a 23-year old student at Upper State College. Study with Quizlet and memorize flashcards containing terms like Brett and Abby are dependents of their parents, and each has income of $2,100 for the year. The amount depends on your filing status. You can write off the cost of most business-related equipment and office supplies on your taxes. The report also reveals more than 90 lifeguards in LA County earned at least. Of all of the frequently missed deductions on our list, this one tends to stand out as the most often overlooked. Itemized deductions allow you to deduct several types of qualified expenses. This leaves him with a taxable income of $400 ($2,000 + $700 - $2,300). Write it off using: Schedule C, Box 27a. Marketing costs. Jill’s standard deduction is: Here's one special consideration to keep in mind: In the 2022 tax year, any business meals you get at restaurants are 100% tax-deductible. While Johnny won’t pay taxes on his earned income, he will be subject to taxes on his unearned income at his tax rate and his parent’s tax rate (let’s. Amount of the Standard Deduction C. A corporation may deduct qualified contributions of up to 25. Personal aquatic survival skills include: sculling. This rate is adjusted for inflation each year. So let’s say you pay premiums of $200/per month for a life insurance bundle that includes life insurance in case of death and income protection insurance. Cash contributions carried forward from prior years do not. For 2022 returns, the standard deduction is $12,950 for single filers, $19,400 for head of household, and $25,900 for married taxpayers filing jointly. The lifeguard captain earned $368,668 in 2019, which was the second highest-paid salary in the county at the time. 5 percent of your adjusted gross income are deductible. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars. Study with Quizlet and memorize flashcards containing terms like Sam and Abby are dependents of their parents, and each has income of $7,620 for the year. Jason, age 16, has income as follows: $675. Ultimately, a lifeguard’s main goal is to create a safe environment for everyone to enjoy recreational activities in and around the water. Contributions must be made to a qualified organization. 5% of your adjusted gross. Your Guide to 2021 Tax Deductions.