Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income: $3,600 wages from a summer job, $1,495 interest from a money market account, and $2,100 interest from City of Chicago bonds. Round all answers to the nearest dollar a. Taylor's standard deduction for 2020 is $. b. Taylor's taxable income for 2020 is $. c. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ d. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income: $3,600 wages from a summer job, $1,495 interest from a money market account, and $2,100 interest from City of Chicago bonds. Round all answers to the nearest dollar a. Taylor's standard deduction for 2020 is $. b. Taylor's taxable income for 2020 is $. c. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ d. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions
Section: Chapter Questions
Problem 37P
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Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income: $3,600 wages from a summer job, $1,495 interest from a
a. Taylor's standard deduction for 2020 is $.
b. Taylor's taxable income for 2020 is $.
c. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
$
d. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or
$
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT