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.
Homework Answers
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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