Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2020, Hannah had interest income of $2,550 and $850 of earned income from babysitting. Hannah's taxable income is: a) $600 b) $900 c) $2,250 d) $2,550
Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2020, Hannah...
Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2018, she had interest income of $2,550 and $800 of earned income from babysitting. Hannah’s taxable income is:
Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During 2017, he had interest income of $4,000 and $800 of earned income from consulting. Henry's taxable income is: a.$1,400. b.$1,300. c.$2,100. d.$0. e.None of these choices are correct. Feedback Incorrect. $4,000 gross income – greater of $1,050 or ($800 earned income + $350) – $1,550 (additional standard deduction for age 65 and older) = $1,300. Why is Henry's gross income only 4000? Why is...
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?
compute the 2019 standard deduction. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $150, and her interest income is $425.
Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return. During 2018, she was full time college student and received a scholarship to cover her tuition of $8,000. She had wages of $5000 from a part time job and investment income of $3000. Calculate Anne Marie’s taxable income.
3. 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 - $5,700 = $500. c. $6,200 - $4,550 = $1,650. d. $6,200 - $1,000 = $5,200. e. None of these.
Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return. During 2018, she was full time college student and received a scholarship to cover her tuition of $8,000. She had wages of $5000 from a part time job and investment income of $3000. Calculate Anne Marie’s taxable income.
. Sylvia, age 17, is claimed by her parents as a dependent for 2019. During 2019, she had wages from a part-time job of $2,000, capital gains income of $4,200, and no other income or deductions (except the standard deduction). Sylvia’s taxable income is: a. $6,200 – $2,350 = $3,850 b. $6,200 – $4,400 = $1,800. c. $6,200 – $4,550 = $1,650. d. $6,200 – $350 = $5,850. e. $6,200 – $1,050 = $5,150.
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...
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She reports $1,700 in dividends income and $1,880 in wages from a part-time job. $ b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $12,170. $ c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her...