Question
1- Cheryl is claimed as a dependent on her parents' tax return. She had a part-time job during 2017 and earned $4,900 during the year,
1- Cheryl is claimed as a dependent on her parents' tax return. She had a part-time job during 2017 and earned $4,900 during the year, which was her only income. What is her standard deduction?
2- These problems deal with Kiddie Tax, Standard Deduction, Taxable Earned Income and Unearned Income. Tax Year 2017
Child Under 19 or Full Time Student <24
25% Percent Bracket For Parents
A. Child Kevin
Interest Income $1,200
Parents Income $90,000
B. Child Stacy
Interest Income $4,700
Parents Income (Joint) $90,000
C. Child Derek
W-2 WAGES $1,500
Interest Income $3,000
Parents Make $90,000
D. Child Sally
W-2 WAGES $6,000
Interest Income $3,600
Parents Make $ 90,000
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