Question
Taylor, age 18, is claimed as a dependent by her parents. For 2016, she has the following income: $4,000 wages from a summer job, $1,800
Taylor, age 18, is claimed as a dependent by her parents. For 2016, she has the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from City of Boston bonds. If an amount is zero, enter "0". Taylor's standard deduction for 2016 is $4350 Taylor's personal exemption for 2016 is $0 Taylor's taxable income for 2016 is $1450 Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $________ Assume that Taylor's tax rate is 10% and her parents' tax rate is 28%. If Taylor's parents file a joint return and have taxable income of $130,000, then Taylor's tax is $______.
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