Max is 17 years old and is claimed as a dependent by his parents. Max earned...
Max is 17 years old and is claimed as a dependent by his parents. Max earned wages of $2,500 and had interest income of $1,000 during 2019. What is Max’s net unearned income (the portion of unearned income that is taxed at trust tax rate) for 2019? 1. $1,000. 2. $2,500. 3. $0. 4. $3,500
Homework Answers
Max's net unearned income (the portion of unearned income that is taxed at trust tax rate) for 2019 is $0.
Reason - Kiddie tax is applicable on a child of age below 19 years having unearned income of more than $2200 in year 2019. Since, Max unearned income for 2019 is only $1000, it will not be charged to kiddie tax.
Therefore, the correct answer is option 3rd, $0.
Add Answer to:
Max is 17 years old and is claimed as a dependent by his
parents. Max earned...
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided...
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? a. Carson is 17 years old at year-end and earned $15,575 from his summer job and part-time job after school. This was his only source of income. b. Carson is 23 years old at year-end. He is a full-time student and earned $15,575 from his...
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided...
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. a. Carson is 17 years old at year-end and earned $14,150 from his summer job and part-time job after school. This was his only source of income. (Round your final...
Jane, age 17, is a dependent of her parents. During 2019, Jane earned $3,900 pet sitting...
Jane, age 17, is a dependent of her parents. During 2019, Jane earned $3,900 pet sitting and $4,200 in interest on a savings account. Determine: a. Taxable income b. Net unearned income c. Earned taxable income d. Tax liability
1. Tom is a 17 years old and is a dependent of his parents.Tom earned S...
1. Tom is a 17 years old and is a dependent of his parents.Tom earned S 3,000 working part time at a car wash in 2017. John also earned $ 2,300 in interest income. John's parents have a 33% federal marginal rate in 2017. a. How much may Tom claim as a Personal Exemption? b. Calculate Tom's standard deduction. c. Calculate Tom's Taxable Income. d. Calculate Tom's 2017 Federal Tax.
Terri, age 16, is a dependent of her parents in 2019. During the year, Terri earned...
Terri, age 16, is a dependent of her parents in 2019. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. a. What is Terri's taxable income? $ b. What is Terri's net unearned income? $ c. What is Terri's tax liability? $
Marvin Miller, who is claimed as a dependent by his parents, received income of $3,100 from...
Marvin Miller, who is claimed as a dependent by his parents, received income of $3,100 from a trust fund and $500 from wages. Marvin had $1,150 in itemized deductions. What is Marvin's taxable income? $2,550 $3,600 $2,450 $1,500 None of these
Hester (age 17) is claimed as a dependent by his parents, Charlton and Abigail. In 2019,...
Hester (age 17) is claimed as a dependent by his parents, Charlton and Abigail. In 2019, Hester received $10,110 of qualified dividends, and he received $12,110 from a part-time job. What is his taxable income for 2019?
Hester (age 17) is claimed as a dependent by his parents, Charlton and Abigail. In 2019,...
Hester (age 17) is claimed as a dependent by his parents, Charlton and Abigail. In 2019, Hester received $10,000 of qualified dividends, and he received $12,000 from a part-time job. What is his taxable income for 2019?
3. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had...
3. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. Ayla's taxable income is: a. $4,200 - $4,550 $0. b. $6,200 - $5,700 = $500. c. $6,200 - $4,550 = $1,650. d. $6,200 - $1,000 = $5,200. e. None of these.
. Sylvia, age 17, is claimed by her parents as a dependent for 2019. During 2019,...
. Sylvia, age 17, is claimed by her parents as a dependent for 2019. During 2019, she had wages from a part-time job of $2,000, capital gains income of $4,200, and no other income or deductions (except the standard deduction). Sylvia’s taxable income is: a. $6,200 – $2,350 = $3,850 b. $6,200 – $4,400 = $1,800. c. $6,200 – $4,550 = $1,650. d. $6,200 – $350 = $5,850. e. $6,200 – $1,050 = $5,150.
1. Tom is a 17 years old and is a dependent of his parents.Tom earned S 3,000 working part time at a car wash in 2017. John also earned $ 2,300 in interest income. John's parents have a 33% federal marginal rate in 2017. a. How much may Tom claim as a Personal Exemption? b. Calculate Tom's standard deduction. c. Calculate Tom's Taxable Income. d. Calculate Tom's 2017 Federal Tax.
3. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. Ayla's taxable income is: a. $4,200 - $4,550 $0. b. $6,200 - $5,700 = $500. c. $6,200 - $4,550 = $1,650. d. $6,200 - $1,000 = $5,200. e. None of these.
Most questions answered within 3 hours.
-
Here is a pair of aromatic compounds that each have a complicated
set of aromatic peaks....
asked 10 minutes ago -
As with many public goods, determining the appropriate level of
government support for the production of...
asked 13 minutes ago -
Write a balanced chemical equation for the oxidation reaction
between Caro’s acid (H2SO5) and CN– ion...
asked 16 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 26 minutes ago -
Which of the following are true about the strength of the
association between two variables?
1-...
asked 23 minutes ago -
You are a monopolist and know that your consumers have a linear
demand curve. At what...
asked 22 minutes ago -
Raising a heavy load requires work. Raising it in half the time
requires:
asked 28 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 28 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 30 minutes ago -
35. When the electron in a hydrogen atom falls from its first
excited energy level to...
asked 31 minutes ago -
A man is dragging a box of mass "m" by using a rope which rests
on...
asked 47 minutes ago -
Liquid octane
(CH3(CH2)6CH3) will
react with gaseous oxygen (O2) to produce gaseous carbon
dioxide (CO2) and...
asked 49 minutes ago