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Problem 3 - 4 6 ( LO . 1 , 3 , 7 ) Paige, age 1 7 , is a dependent of her parents.
Problem LO
Paige, age is a dependent of her parents. Her parents report taxable income of $ on their joint return no qualified dividends or
capital gains During Paige earned $ pet sitting and $ in interest on a savings account.
Click here to access the tax rate schedule.
What are Paige's taxable income and tax liability for
a Paige's total taxable income is $
b Paige's tax liability is $
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To reduce the tax savings that result from shifting income from parents to children, the net unearned income of certain children is taxed as
if it were the parents' income. This provision, commonly referred to as the "kiddie tax," applies to any child who is under age or under
age if a fulltime student and has unearned income of more than $
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