Question
Trey, age 16, is claimed as a dependent on his parents tax return. During 2017, he had interest income of $1,250 from a savings account
Trey, age 16, is claimed as a dependent on his parents tax return. During 2017, he had interest income of $1,250 from a savings account and $300 wages from a part-time job. Treys taxable income is: (I believe the answer is A becasue you do 1550-1050 = 500. or is it C 1550-650? PLEASE EXPLAIN IN WORDS!!!!!!!)
A. $500
B. $550
C. $900
D. $1,200
E. None of the above
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
8th Edition
0470929383, 978-0470929384
