LO.3, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2012, she has
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LO.3, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2012, 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 2012?
b. What is Taylor’s tax for 2012? (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 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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