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Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no earned income. He has no investment expenses Click here
Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no earned income. He has no investment expenses Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. 2,700 Net unearned income is Simon's total tax is 375 X Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student)
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