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Toby is sixteen years old. His grandfather died in 2014, leaving him a corporate bond. In 2020, Toby received interest of $2,500 from the bond.

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Toby is sixteen years old. His grandfather died in 2014, leaving him a corporate bond. In 2020, Toby received interest of $2,500 from the bond. Toby has a part- time job, and his salary from his job was $3,800 in 2020. His parents claim a dependency exemption for him. His parent's marginal tax rate is 24%. a. What is Toby's taxable income? (blank 1) b. What amount will be taxed at his parent's marginal tax rate? (blank 2) C. What amount will be taxed at the child's rate? (blank 3) d. What is Toby's total tax liability? (blank 4)

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