Question
Taylor, age 16, is claimed as a dependent by her parents. For 2018, she has the following income: $3,000 wages from a summer job, $1,300
Taylor, age 16, is claimed as a dependent by her parents. For 2018, she has the following income: $3,000 wages from a summer job, $1,300 interest from a money market account, and $2,100 interest from City of Boston bonds.
If required, round your answers to the nearest dollar. If an amount is zero, enter "0".
a. Taylor's standard deduction for 2018 is $.
Taylor's taxable income for 2018 is $.
Feedback
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $
Click here to access the 2018 tax rate schedule
Compute Taylor's tax liability. $.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started