Paige, age 17, is a dependent of her parents. During 2018, Paige earned $3,900 pet sitting and
Question:
Paige, age 17, is a dependent of her parents. During 2018, Paige earned $3,900 pet sitting and $4,100 in interest on a savings account. What are Paige's taxable income and tax liability for 2018?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
Unearned income 4100 Minus 1050 base amount 1050 standard deduction 2100 Net unearned income 2000 ...View the full answer
Answered By
Muhammad adeel
I am a professional Process/Mechanical engineer having a vast 7 years experience in process industry as well as in academic studies as a instructor. Also equipped with Nebosh IGC and lead auditor (certified).
Having worked at top notch engineering firms, i possess abilities such as designing process equipment, maintaining data sheets, working on projects, technical biddings, designing PFD and PID's etc.
Having worked as an instructor in different engineering institutes and have been involved in different engineering resrearch projects such as refinery equipment designing, thermodynamics, fluid dynamics, chemistry, rotary equipment etc
I can assure a good job within your budget and time deadline
4.90+
52+ Reviews
60+ Question Solved
Related Book For
South-Western Federal Taxation 2019 Individual Income Taxes
ISBN: 9781337702546
42nd Edition
Authors: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Question Posted:
Students also viewed these Business questions
-
Wilbur has been offered a job at a salary that would put him in the 24% marginal tax bracket. In addition to his salary, he would receive health insurance coverage. Another potential employer does...
-
Kurstie received a $800 state income tax refund this year. Kurstie deducted $3,000 of state income taxes paid in the prior year as part of her itemized deductions Which of the following statements...
-
Review Examples 4 and 6 in the text. In both examples, the taxpayer's AGI is $129,400 even though in Example 6 there is $700 of nonrecaptured 1231 loss from 2017. Explain why the two AGI amounts are...
-
A firm has initial fund of $800. The market rate of return is 12%. The firm has identified good investment opportunities to invest $640 at an average 25 per cent rate of return. How much dividend...
-
Use the result of the preceding problem and data from Table E.1 to obtain a value of B for simple fluids at Tt = 1, Compare the result with the value implied by Eq. (3.65).
-
In question 16 in Chapter 2, we supposed that the results of a certain test were known, on the basis of general theory, to be normally distributed about the same mean , with the same variance ,...
-
INTERPRETING STOC REPORT INFORMATION. Using the Value Line Investment Survey report in Exhibit 11.5, find the following information for Apple. a What was the amount of revenues (Le sales) generated...
-
Marston Corporation manufactures pharmaceutical products that are sold through a network of sales agents. The agents are paid a commission of 18% of sales. The income statement for the year ending...
-
1. all sources of income listed would be considered miscellaneous income and added to the tax return. None of these sources of income would be subject to self-employment tax. 2. The $15,000...
-
What internal resources and assets did FreshDirect have that gave it a competitive advantage? How did FreshDirect compete? What competitive dynamics affect FreshDirect now? First launched in July...
-
Nadia died in 2017 and is survived by her husband, Jerold (age 44); her married son, Travis (age 22); and her daughter-in-law, Macy (age 18). Jerold is the executor of his wife's estate. He maintains...
-
Locate IRS Form 2120 (at www.irs.gov) , and answer the following questions. a. Who must sign the form? b. Who must file the form? c. Can it be used for someone who is not related to the taxpayer?...
-
Consider the Lagrangian Write down the explicit (improved) Bohr-Sommerfeld quantization condition for periodic motion in this Lagrangian. L = 4 2 19 + aq - q. Aq (26.64)
-
Problem 2-26 (Static) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together...
-
Consider the following potential events that might have occurred to Global Conglomerate on December30, 2018. For eachone, indicate which line items inGlobal's balance sheet would be affected and by...
-
An epidemiologist plans to conduct a survey to estimate the percentage of women who give birth. How many women must be surveyed in order to be 95% confident that the estimated percentage is in error...
-
Jamonit Ltd is a non-group employer which paid wages of $136,000 in the Northern Territory during March 2021. The company does not pay wages in any other state. Calculate the payroll tax payable in...
-
Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the...
-
This chapter introduced the Balanced Scorecard (BSC) and showed applications in organizations that were using the BSC for planning and for strategy implementation. Another important use for the BSC...
-
Using thermodynamic data from Appendix 4, calculate G at 258C for the process: 2SO 2 (g) + O 2 (g) 88n 2SO 3 (g) where all gases are at 1.00 atm pressure. Also calculate DG8 at 258C for this same...
-
Using the facts of Problem 14, determine the following. a. The 2019 end-of-year balance in Mini's deferred tax asset and deferred tax liability balance sheet accounts. b. The cost to Mini of the...
-
You saw on the Business News Today blog that YoungCo has "released one-third of its valuation allowances because of an upbeat forecast for sales of its tablet computers over the next 30 months." What...
-
You saw on the Business News Today blog that YoungCo has "released one-third of its valuation allowances because of an upbeat forecast for sales of its tablet computers over the next 30 months." What...
-
Due to the relationship of financial statements, the statement of stockholders' equity links the income statement to the balance sheet. True or False?
-
Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...
-
Trey is single and has no qualifying child. His adjusted gross income is $12,355. In order to claim the Earned Income Tax Credit, he must meet which of the following requirements? He cannot be the...
Study smarter with the SolutionInn App