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Exercise 3-21 (Algorithmic) (LO. 7) Simon, age 12, generates $7,500 interest income and no earned income for 2019. He incurs no investment expenses. Click here
Exercise 3-21 (Algorithmic) (LO. 7) Simon, age 12, generates $7,500 interest income and no earned income for 2019. He incurs no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is $ 5,300 Simon's total tax is $ 832 X. Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to under age 19 (or under age 24 if a full-time student)
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