Question
Taylor, age 15, is claimed as a dependent by her parents. For 2023, she has the following income: $3,000 wages from a summer job, $1,495
Taylor, age 15, is claimed as a dependent by her parents. For 2023, she has the following income: $3,000 wages from a summer job, $1,495 interest from a money market account, and $2,100 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 "0".
a. Taylor's standard deduction for 2023 is:
Taylor's taxable income for 2023 is:
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax:
Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]:
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