Terri, age 16, is a dependent of her parents. During 2021, Terri earned $5,000 in interest income

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Terri, age 16, is a dependent of her parents. During 2021, Terri earned $5,000 in interest income and $3,000 from part-time jobs.

a. What is Terri’s taxable income?

b. How much of Terri’s income is taxed at her rate? At her parent’s rate?

c. Can the parental election be made? Why or why not?

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South-Western Federal Taxation 2022 Individual Income Taxes

ISBN: 9780357519073

45th Edition

Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman

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Question Posted: Jul 06, 2022 04:12 AM

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Terri, age 16, is a dependent of her parents. During 2021, Terri earned $5,000 in interest income

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South-Western Federal Taxation 2022 Individual Income Taxes

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