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Leeroy, age 21 is a full-time student at UCI and is a dependent of his parents....

Leeroy, age 21 is a full-time student at UCI and is a dependent of his parents. He had earned income of $2,000 from a part-time job. In addition he had $950 interest from a savings account. He had total itemized deductions of $200 in the current year. What is his taxable income for the year?

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Answer #1

$2,000 + $950 = $2,950 - $2,350 (earned income +350) therefore his taxable income is $600.

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