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Todd Michael age 18, a distinguished entrepreneur, earned the following items of income during 2022 even though he is still able to be a dependent
Todd Michael age 18, a distinguished entrepreneur, earned the following items of income during 2022 even though he is still able to be a dependent on his parents' tax return. These items of Income Were: Net Income from Business "Flowers by Todd" Interest Income Dividends K Self-Employment Tax Deduction Self-Employment Tax $15,900 $ 3,900 $ 4,800 $ 982 $ 1,964 What amount of his taxable income will be taxed at his parents' rate (if any); and, what amount will be taxed at his rate?
not sure how to get the answer, can someone answer and explain
Problem 63: Todd Michael age 18, a distinguished entrepreneur, earned the following items of income during 2022 even though he is still able to be a dependent on his parents' tax return. These Iteme of Inmma Ware. What amount of his taxable income will be taxed at his parents' rate (if any); and, what amount will be taxed at his rateStep by Step Solution
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