Question
Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income: $6,000 wages from a summer job, $800
Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income: $6,000 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds.
If an amount is zero, enter "0".
a. Determine the following: Taylor's standard deduction for 2021 is ________
Taylor's taxable income for 2021 is _______
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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