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Todd Michael age 18, a distinguished young entrepreneur, earned the following items of income during 2020 even though he is still able to be a
Todd Michael age 18, a distinguished young entrepreneur, earned the following items of income during 2020 even though he is still able to be a dependent on his parents' tax return. These were: 1) Net Income from Business: Flowers by Todd" 2) Interest Income 3) Dividends 4) 12 Self-Employment Tax Deduction 5) Self-Employment Tax $ 14,900 $ 3,900 $ 4,500 $ 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? Todd Michael age 18, a distinguished young entrepreneur, earned the following items of income during 2020 even though he is still able to be a dependent on his parents' tax return. These were: 1) Net Income from Business: Flowers by Todd" 2) Interest Income 3) Dividends 4) 12 Self-Employment Tax Deduction 5) Self-Employment Tax $ 14,900 $ 3,900 $ 4,500 $ 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
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