Question
Elton, age 17 and a dependent of his parents who are in the 37% tax bracket, has $2,000 of wage income and $7,000 of taxable
Elton, age 17 and a dependent of his parents who are in the 37% tax bracket, has $2,000 of wage income and $7,000 of taxable interest income for the current year. How much of his taxable income will be taxed at the parents top marginal tax rate?
| $7,000 | ||
| $6,650 | ||
| $4,800 | ||
| $0 |
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Auditing And Assurance Services
Authors: By David N. Ricchiute
6th Edition
0324024029, 9780324024029
