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In 2015, Sheryl is claimed as a dependent on her parents tax return. Her parents ordinary income marginal tax rate is 35%. Sheryl did not
In 2015, Sheryl is claimed as a dependent on her parents tax return. Her parents ordinary income marginal tax rate is 35%. Sheryl did not provide more than half her own support. She received $6,500 of interest income from corporate bonds she received several years ago. This was her only source of income. She is 16 years old at year-end. What is Sheryls tax liability for the year?
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