Taylor, a single taxpayer, has $17,300 AGI. Assume the taxable year is 2023. Use Standard Deduction Table.

Required:

1. Compute taxable income if Taylors AGI consists entirely of interest income. Taylor is 19 years old and a dependent of his parents for tax purposes.
2. Compute taxable income if Taylors AGI consists entirely of wage income. Taylor is 19 years old and is considered a dependent of his parents for tax purposes.
3. Compute taxable income if Taylors AGI consists entirely of interest income. Taylor is 70 years old and lives with his grown child who provides more than one-half of Taylors financial support.