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Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500.
Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules and the trust and estate tax rate schedules.
a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income.
b. Calculate Stan's net unearned income.
c. Calculate Stan's earned taxable income.
d. Calculate Stan's tax for 2019.
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