19. LO.2, 3, 4, 5 Taylor, age 18, is a dependent of her parents. For 2021, she...

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19. LO.2, 3, 4, 5 Taylor, age 18, is a dependent of her parents. For 2021, she has the following income: $6,000 of wages from a summer job, $800 of interest from a money market account, and $300 of interest from City of Chicago bonds.

a. What is Taylor’s taxable income for 2021?

b. What is Taylor’s tax for 2021? [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]

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Essentials Of Taxation Individuals And Business Entities

ISBN: 233160

1st Edition

Authors: Nellen/Young/Raabe/Maloney

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Question Posted: Jul 18, 2024 07:08 AM

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19. LO.2, 3, 4, 5 Taylor, age 18, is a dependent of her parents. For 2021, she...

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Essentials Of Taxation Individuals And Business Entities

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