Question
aylor, age 18, is claimed as a dependent by her parents. For 2020, she has the following income: $4,000 wages from a summer job, $1,800
aylor, age 18, is claimed as a dependent by her parents. For 2020, 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 Chicago bonds.
If an amount is zero, enter "0".
Click here to access the 2020 tax rate schedule.
a. Determine the following: Taylor's standard deduction for 2020 is $fill in the blank 83644efb203603d_1.
Taylor's taxable income for 2020 is $fill in the blank 83644efb203603d_2.
Question Content Area
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $fill in the blank 5c4c980f9fcbfd6_1
Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).] $fill in the blank 5c4c980f9fcbfd6_2
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