Taylor, age $18,$ is claimed as a dependent by her parents. For $2024,$ she has the following income: $$6,250$ wages from a summer job, $$850$

interest from a money market account, and $$300$ interest from City of Chicago bonds.

If an amount is zero, enter $"0".$

Click here to access the $2024$ tax rate schedule.

a$.$ Determine the following:

Taylor's standard deduction for $2024$ is :

$x.$

Taylor's taxable income for $2024$ is $

$x.$

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 as if it were the parents' income. The kiddie tax applies to any child who is under age $19($or under age $24$ if a

full$-$time student$)$ and has unearned income of more than $$2,600.$

b$.$ Compute Taylor's "net unearned income" for the purpose of the kiddie tax.

$

Compute Taylor's income tax. $[$Her parents file a joint return and have taxable income of $$135,000($no dividends or capital gains$).]$

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Taylor, age $18,$ is claimed as a dependent by her parents. For $2024,$ she has the following income: $$6,250$ wages from a summer job, $$850$

interest from a money market account, and $$300$ interest from City of Chicago bonds.

If an amount is zero, enter $"0".$

Click here to access the $2024$ tax rate schedule.

a$.$ Determine the following:

Taylor's standard deduction for $2024$ is :

$x.$

Taylor's taxable income for $2024$ is $

$x.$

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 as if it were the parents' income. The kiddie tax applies to any child who is under age $19($or under age $24$ if a

full$-$time student$)$ and has unearned income of more than $$2,600.$

b$.$ Compute Taylor's "net unearned income" for the purpose of the kiddie tax.

$

Compute Taylor's income tax. $[$Her parents file a joint return and have taxable income of $$135,000($no dividends or capital gains$).]$

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Check My Work

Partially correct