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In 2020, George is 21 years old. He is a full-time student at the University and...

In 2020, George is 21 years old. He is a full-time student at the University and is claimed as a dependent by his parents. He had earned an income of $600 from a part-time job. In addition, he had a $10,000 interest from a savings account. What is George’s taxable income for 2020?

  • $0
  • $9,500
  • $9,650
  • $2,950

The answer I picked was $9,650, but was marked incorrect.

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Answer #1

ANSWER -$9500

WORKINGS

INCOME FROM PART TIME JOB $600
INCOME FROM SAVING ACCOUNT $10000
LESS:-STANDARD ITEMIZED DEDUCTION ($1100)
TAXABLE INCOME $9500

STANDARD ITEMIZED DEDUCTION AS PER LAW FOR DEPENDENT FOR 2020 IS $1100

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