Question
Donald is a 21-year-old full-time college student. During 2016, he earned $2,500 from a part-time job and $1,150 in interest income. If Donald is a
Donald is a 21-year-old full-time college student. During 2016, he earned $2,500 from a part-time job and $1,150 in interest income. If Donald is a dependent of his parents, what is his standard deduction amount? If Donald supports himself and is not a dependent of someone else, what is his standard deduction amount?
Dependant = 4000 (i got this wrong)
Not a Dependant = 6300 (right)
Married taxpayers, who file a joint return, have taxable income of $21,103.
Single taxpayer, has taxable income of $88,978.
a. tax liability =2241 Marginal tax rate = 15% Average tax rate = ???
b. tax liability =18015 Marginal tax rate = 25% Average tax rate = ???
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