ZuoTi.Pro
Question

Taylor, age 13, is claimed as a dependent by her parents. For 2018, she has the...

Taylor, age 13, is claimed as a dependent by her parents. For 2018, she has the following income: $5,400 wages from a summer job, $1,950 interest from a money market account, and $1,875 interest from City of Boston bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0".

a. Taylor's standard deduction for 2018 is $ .

Taylor's taxable income for 2018 is $ .

b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $

Click here to access the 2018 tax rate schedule Compute Taylor's tax liability. $ .

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Unearned Income Interest from Money Market account Interest from City of Boston bonds Total Unearned Income $1,950.00 $1,875.00 $3,825.00 Earned Income Wages $5,400.00 Total Income $9,225.00 Calculation of Standard Deduction: Greater of following 1. $1,050, or Kiddie Tax Calculation: Total Unearned Income Less: Standard Deduction higher of $1050 or $5750 Taxable Unearned Income Kiddie Tax $3,825.00 $5,750.00 $0.00 $0.00

0 0
Add a comment
Know the answer?
Add Answer to:
Taylor, age 13, is claimed as a dependent by her parents. For 2018, she has the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Bock Calculator Problem 3-37 (Algorithek) (10.3.7) Taylor, age 15, is claimed as a dependent by her...

    Bock Calculator Problem 3-37 (Algorithek) (10.3.7) Taylor, age 15, is claimed as a dependent by her parents. For 2019, she has the following income $4.400 wages from a summer job, $1,820 interest from a money market account, and $2.100 interest from City of Boston bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "o". a. Taylor's standard deduction for 2019 is Taylor's taxable income for 2019 is X To reduce the tax savings...

  • Problem 9-21 (Algorithmic) (LO. 2, 3) Taylor, age 16, is a dependent of her parents. For...

    Problem 9-21 (Algorithmic) (LO. 2, 3) Taylor, age 16, is a dependent of her parents. For 2018, she has the following income: $5,000 of wages from a summer job, $1,820 of interest from a money market account, and $1,875 of interest from City of Boston bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2018 is $. Taylor's taxable income for 2018 is $. Feedback To reduce...

  • Problem 3-37 (Algorithmic) (LO. 3,7) Taylor, age 15, is claimed as a dependent by her parents....

    Problem 3-37 (Algorithmic) (LO. 3,7) Taylor, age 15, is claimed as a dependent by her parents. For 2020, she has the following income: $5,200 wages from a summer job, $1,820 interest from a money market account, and $2,100 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "o". Click here to access the 2020 tax rate schedule. a. Taylor's...

  • Problem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 18, is daimed as a dependent by her...

    Problem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 18, is daimed as a dependent by her parents. For 2019, she has the following income: $5,000 wages from a summer job, $1,430 interest from a money market account, and $1,875 interest from City of Boston bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2019 is s Taylor's taxable income for 2019 is s b. Compute Taylor's "net...

  • I answered A correct, but b is not making any sense,, please help. Taylor, age 16,...

    I answered A correct, but b is not making any sense,, please help. Taylor, age 16, is a dependent of her parents. For 2018, she records the following income: $3,600 wages from a summer job, $1,365 interest from a money market account, and $2,100 interest from City of Boston bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2018 is? $3950 Taylor's taxable income for 2018 is?...

  • 37. LO.3, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2019,...

    37. LO.3, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2019, 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 2019? b. What is Taylor's tax for 2019?

  • Calculator Problem 3-40 (Algorithmic) (LO. 3,7) Taylor, age 18, is daimed as a dependent by her...

    Calculator Problem 3-40 (Algorithmic) (LO. 3,7) Taylor, age 18, is daimed as a dependent by her parents. For 2020, she has the following income: $5,600 wages from a summer job, $1,950 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2020 tax rate schedule. a. Taylor's standard deduction for 2020 is Taylor's taxable income...

  • Tina, age 18, is claimed as a dependent by her parents. For 2020, she has the...

    Tina, age 18, is claimed as a dependent by her parents. For 2020, 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 Chicago bonds. What is Tina’s taxable income for 2020?

  • 1. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had...

    1. 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 – $4,550 = $1,650. c.$6,200 – $1,000 = $5,200. d.$6,200 – $5,700 = $500. e.None of these choices are correct. 2. In terms of the tax formula applicable to individual taxpayers, which of the following statements, if...

  • 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? $

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT