Question
The answer is $1286 but I don't know how they got it. Please walk me through the steps as I am very confused. During 2020,
The answer is $1286 but I don't know how they got it.
Please walk me through the steps as I am very confused.
During 2020, Jasmine (age 12) received $6,500 from a corporate bond. She also received $600 from a savings account established for her by her parents. Jasmine lives with her parents and she is their dependent. Assuming her parents marginal tax rate is 24% What is Jasmines gross tax liability?
Extra info I was given- tax rate schedule, standard deduction, and the estates and trusts. Also- For individuals claimed as a dependent on another return , the 2020 standard deduction is the greater of $1100 or $350.00 plus earned income not to exceed a standard deduction amount of those who are not dependents.
The answer is $1286 but I don't know how they got it.
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