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1. Tom is a 17 years old and is a dependent of his parents.Tom earned S 3,000 working part time at a car wash in 2017. John also earned $ 2,300 in interest income. Johns parents have a 33% federal marginal rate in 2017. a. How much may Tom claim as a Personal Exemption? b. Calculate Toms standard deduction. c. Calculate Toms Taxable Income. d. Calculate Toms 2017 Federal Tax.

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Answer #1

1. The dependent child can not claim personal exemption on his own federal tax return.

2. Tom's standard deduction is the greater of :

A. 1050$

B. Income earned + 350$= 5300+350= 5650$ but not greater than 6300$.

C. Taxable income of Tom is 0

D. Tax liability of Tom is 0.

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