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Taylor, age 18, is a dependent of her parents. For 2022, she has the following income: $6,250 of wages from a summer job, $800
Taylor, age 18, is a dependent of her parents. For 2022, she has the following income: $6,250 of wages from a summer job, $800 of interest from a money market account, and $300 of interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2022 tax rate schedule. a. Determine the following: Taylor's standard deduction for 2022 is $ 7,350 X. Taylor's taxable income for 2022 is s 12,950 X. Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investm 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 a 24 if a full-time student) and has unearned income of more than $2,300. 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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