Homework Answers
Answer-
| Wages | $5,000 |
| Interest from money market | $1,950 |
| Interest from city of Boston bonds | exempt from tax |
| Total income | $6,950 |
| less:standard deduction | -5,350 * |
| personal exemption | 0** |
| Taxable Income | $1,600 |
*standard deduction is equal to 1,100 or (earned income 5,000+ 350 =5,350)whichever is greater .
**personal exemption is not available if you claiming as dependent.
a-Taylor's standard deduction for 2020= $5,350
Taylor's taxable income for 2020= $1,600
b-Net unearned income will be 1,950+0-1,875 = 0. Since bond interest is exempt it will not considered. Hence net unearned income will be Zero.
c-Taylor's tax liability-$1,600*10%= $160
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(Welcome page, Tax Schedules and Formulas pdf file).
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