Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following
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Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds.
a. What is Taylor’s taxable income for 2022?
b. What is Taylor’s tax for 2022? [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
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A dependents standard deduction is limited to the greater of 1150 or t...View the full answer
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Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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