Generally, the tax rate that applies to the unearned income of a minor under the kiddie...
Generally, the tax rate that applies to the unearned income of a minor under the kiddie tax in 2018 is: a.The same as the head of household rate. b.The same as the parents' tax rate. c.The unearned income of a minor is not taxed. d.The same as the single taxpayer rate. e.The same as the trust and estate rate.
Homework Answers
| Option E is the answer | ||
|
As per the revamped Kiddie tax by Tax Cuts and Jobs Act the Unearned income of the minors shall be taxed same as the trust and estate rate. Comment if you face any issues |
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Generally, the tax rate that applies to the unearned income of a
minor under the kiddie...
Generally, the tax rate that applies to the unearned income of a minor under the kiddie...
Generally, the tax rate that applies to the unearned income of a minor under the kiddie tax in 2018 is: a.The same as the head of household rate. b.The same as the parents' tax rate. c.The unearned income of a minor is not taxed. d.The same as the single taxpayer rate. e.The same as the trust and estate rate Which of the following is not a tax preference or adjustment item for the individual alternative minimum tax computation? a.State income...
Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no...
Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no earned income. He has no investment expenses Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. 2,700 Net unearned income is Simon's total tax is 375 X Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net...
eBook Calculator Print item Problem 6-10 Unearned Income of Minor Children and Certain Students (LO 6.4)...
eBook Calculator Print item Problem 6-10 Unearned Income of Minor Children and Certain Students (LO 6.4) Explain the two different ways that the tax on uneared income of minor children, or "kiddie tax," can be reported. The kiddie tax may be computed on Form 8615 ✓ which is attached to the child's tax return. Alternatively, the parents may elect to include the income by attaching Form 3814 To make this election, the child's uneared income must be more than 1,000...
Unearned Income of Minor Children and Certain Students (LO 6.4) Explain the two different ways that...
Unearned Income of Minor Children and Certain Students (LO 6.4) Explain the two different ways that the tax on unearned income of minor children, or "kiddie tax," can be reported. The kiddie tax may be computed on Form 8615 which is attached to the child's tax return. Alternatively, the parents may elect to include the income by attaching Form 8814 . To make this election, the child's unearned income must be more than $ and less than $.
Child's lower; dependent's higher; parent's lower. answer: Schedule A, Form 2106, Form 8615 Problem 6-7 Unearned...
Child's lower; dependent's higher; parent's lower. answer: Schedule A, Form 2106,
Form 8615
Problem 6-7 Unearned Income of Minor Children and Certain Students (LO 6.4) What is the purpose of the provision in the tax law that taxes unearned income of certain minor children at the trust and estate tax rates? from transferring generally to in order to take The provision is designed to prevent advantage of the tax rate. Unearned Income of Minor Children and Certain Students (LO 6.4)...
Exercise 3-21 (LO. 7) Simon, age 12, generates $4,900 interest income and no earned income for...
Exercise 3-21 (LO. 7) Simon, age 12, generates $4,900 interest income and no earned income for 2019. He incurs no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is $ 2,700 Simon's total tax is Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned...
Which of the following is a principle used in applying the income-sourcing rules under U.S. tax...
Which of the following is a principle used in applying the income-sourcing rules under U.S. tax law? a.The rules should apply to income items only; deductions need not be sourced in this way. b.The rules should favor the treasury of the non-U.S. country. c.The rules should favor the U.S. Treasury. d.The rules should be acceptable to both countries. Which of the following statements is true, concerning the sourcing of income from inventory produced by the taxpayer in the United States...
Computation of Kiddie Tax In 2019, Simon, age 12, has interest income of $900 and dividend...
Computation of Kiddie Tax In 2019, Simon, age 12, has interest income of $900 and dividend income of $4,000. He has no investment expenses. Determine Simon's net unearned income and total tax liability. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. Net unearned income is $ 2,700 v. Simon's total tax is 284 x
ork eBook Calculator Printem Problem 6-9 Uncanned Income of Minor Children and Certain Students (LO 6.4)...
ork eBook Calculator Printem Problem 6-9 Uncanned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12 year old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. II Stan's parents elected to report Stan's income on his parents' retum, what would the tax on Stan's income be? 370 X Paedias Chow To prevent income shifting,...
What does the term negative refer to in a negative income tax scheme? A.The individual does...
What does the term negative refer to in a negative income tax scheme? A.The individual does not have to pay income tax for any of his/her earnings. B.The individual receives a subsidy or a credit rather than paying taxes for a certain number of hours worked. C.The program does not involve any disincentives to working. D.The program involves fewer disincentives to working than does a conventional welfare or social assistance program. For which of the following programs does the recipient...
Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no earned income. He has no investment expenses Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. 2,700 Net unearned income is Simon's total tax is 375 X Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net...
eBook Calculator Print item Problem 6-10 Unearned Income of Minor Children and Certain Students (LO 6.4) Explain the two different ways that the tax on uneared income of minor children, or "kiddie tax," can be reported. The kiddie tax may be computed on Form 8615 ✓ which is attached to the child's tax return. Alternatively, the parents may elect to include the income by attaching Form 3814 To make this election, the child's uneared income must be more than 1,000...
Child's lower; dependent's higher; parent's lower. answer: Schedule A, Form 2106,
Form 8615
Problem 6-7 Unearned Income of Minor Children and Certain Students (LO 6.4) What is the purpose of the provision in the tax law that taxes unearned income of certain minor children at the trust and estate tax rates? from transferring generally to in order to take The provision is designed to prevent advantage of the tax rate. Unearned Income of Minor Children and Certain Students (LO 6.4)...
Exercise 3-21 (LO. 7) Simon, age 12, generates $4,900 interest income and no earned income for 2019. He incurs no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is $ 2,700 Simon's total tax is Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned...
Computation of Kiddie Tax In 2019, Simon, age 12, has interest income of $900 and dividend income of $4,000. He has no investment expenses. Determine Simon's net unearned income and total tax liability. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. Net unearned income is $ 2,700 v. Simon's total tax is 284 x
ork eBook Calculator Printem Problem 6-9 Uncanned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12 year old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. II Stan's parents elected to report Stan's income on his parents' retum, what would the tax on Stan's income be? 370 X Paedias Chow To prevent income shifting,...
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