Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Samantha, age 16, is claimed as a dependent by her mother. During 2020, she had interest income from a savings account of $2,000 and earnings

Samantha, age 16, is claimed as a dependent by her mother. During 2020, she had interest income from a savings account of $2,000 and earnings from a part-time job of $950. What is Samantha's taxable income for 2020? 

Tamara supports the following individuals during the current year: Peter, her former father-in-law who lives in her own home and has no gross income; her cousin, Hannah, age 21, who is a full-time student, earns $5,000 during the year and lives with Tamara all year long, and Evan, age 19, who is Hannah's brother, is a full-time student living on campus and earns $2,000 during the year. How many personal and dependency exemptions may Tamara claim?

Step by Step Solution

3.40 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

Part A Samantha s taxable income for 2020 is 2 950 The calculation is as follows Interest income fro... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

Authors: James Smith, William Raabe, David Maloney, James Young

18th Edition

9781285438290, 1285439740, 1285438299, 978-1285439747

More Books

Students also viewed these Accounting questions