LO.2, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2010, she has
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LO.2, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2010, she has the following income: $4,000 wages from a summer job; $1,900 interest from a money market account; and $1,000 interest from City of Boston bonds.
a. What is Taylor’s taxable income for 2010?
b. What is Taylor’s tax for 2010? (Her parents file a joint return and have taxable income of $120,000 [no dividends or capital gains].)
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Related Book For 
South Western Federal Taxation 2011 Taxation Of Business Entities
ISBN: 9780538498616
14th Edition
Authors: James E. Smith, William A. Raabe, David M. Maloney
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