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Taylor, age 1 8 , is claimed as a dependent by her parents. For 2 0 2 3 , she has the following income: $
Taylor, age is claimed as a dependent by her parents. For she has the following income: $ wages from a summer job, $ interest from a money market account, and $ interest from City of Chicago bonds.
If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter
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a Taylor's standard deduction for is $fill in the blank edfac
Taylor's taxable income for is $fill in the blank edfac
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To reduce the tax savings that result from shifting income from parents to children, the net unearned income commonly called investment income of certain children is taxed using special rules. 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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b Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
$fill in the blank ffefaf
Compute Taylor's tax liability. Her parents file a joint return and have taxable income of $no dividends or capital gains
$fill in the blank ffefaf
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