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Danny Liu is 20 years old and claimed as a dependent on his parents tax return. Assume the taxable year is 2017. Compute Dannys taxable
Danny Liu is 20 years old and claimed as a dependent on his parents tax return. Assume the taxable year is 2017. Compute Dannys taxable income if Dannys only income item was $2,712 interest earned on a certificate of deposit. Compute Dannys taxable income if Danny had two income items: $2,712 interest earned on a certificate of deposit and $3,276 wages from a part-time job. How would your answers change if Danny were not claimed as a dependent on his parents return?
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