John has a gross income of $60,000. He is single and is choosing to take a deduction for all single people amounting to $6,300. What does this $6,300 represent? a standard deduction an itemized deduction an earned income credit an adjusted gross income

A standard deduction

Explanation:

John is taking a standard deduction. A standard deduction is deduction on taxable income that the IRS allows for individuals that are not making use of itemized deductions to reduce their income tax. Standard deduction may apply to people based on status, age, disability or other criteria listed.

Standard deduction is different from itemized deduction and both cannot be used together. Itemized deduction applies by listing allowable expenses that are deducted from taxable income such as charity donations, property, medical expenses etc.

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