Hester (age 17) is claimed as a dependent by his parents, Charlton and Abigail. In 2019,...

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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?

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Answer 1

Answer #1

TAXABLE INCOME OF HESTER FOR 2019

PARTICULARS	AMOUNT ($)
EARNED INCOME	12,110
ADD:DIVIDEND INCOME	10110
GROSS INCOME	22220
LESS:STANDARD DEDUCTION (NOTE)	12000
TAXABLE INCOME	10220

NOTE:

The standard deduction for 2019 is greater of $1050 or the sum of of $350 and earned income of the individual which is $12460 (350+12110).but the maximum amount that is allowed as standard deduction is $12000.Hence the standard deduction for hester is $12000

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Answer 2

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