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?
If Tina is claimed as a dependent by her parents, the taxaable income status of her income will be as below:
Tina's Earned income: Wages from a summer job: $4000
Tina's Unearned income:
Interest from a money market account: $1800
Interest from City of Chicago bonds : $ 2000
Total Unearned income: $ 3800
Total Taxable Income = $4000 plus $3800 = $ 7800
However, since Tina is claimed as a dependent by her parents, her entire income will be taxed in the hands of the parent (s) filing either singly or jointly. The filing parent would however be entitled to a Deduction of $ 4050 in respect of her as a dependent. Further the filing parent can also claim Earned Income Tax Credit for her earned income which is $ 4000 from Wages from a summer job.
Hence Tina's own tax liability would be nil in 2020 as her parents have choosen her as a dependent.
Tina, age 18, is claimed as a dependent by her parents. For 2020, she has the...
37. LO.3, 7 Taylor, age 18, is claimed as a dependent by her parents. For 2019, 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 Boston bonds. a. What is Taylor's taxable income for 2019? b. What is Taylor's tax for 2019?
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