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Shay is single, age 22 and claimed as a dependent on her parent's tax return. Her only sources of income are $3,000 interest income
Shay is single, age 22 and claimed as a dependent on her parent's tax return. Her only sources of income are $3,000 interest income from a savings account and $18,500 scholarship. The scholarship consists of $11,000 for tuition, $1,500 for books and $6,000 for room and board. Any taxable portion of scholarships is considered earned income for tax purposes. Calculate Shay's tax liability for 2020 assuming that she has no itemized deductions. 7 points All calculations must be shown.
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