Taylor, age 18, is a dependent of her parents. In the current year, she has the following

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Taylor, age 18, is a dependent of her parents. In the current year, she has the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from City of Boston bonds.

a. What is Taylor’s taxable income for the year?

b. What is Taylor’s Federal income tax liability for the year?

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South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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Question Posted: May 27, 2020 03:35 AM

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Taylor, age 18, is a dependent of her parents. In the current year, she has the following

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South-Western Federal Taxation 2020 Comprehensive

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