40. LO.3, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2013, she...
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40. LO.3, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2013, she has the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from City of Boston bonds.
a. What is Taylor’s taxable income for 2013?
b. What is Taylor’s tax for 2013? [Her parents file a joint return and have taxable income of $130,000 (no dividends or capital gains).]
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Related Book For 
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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