In 2018, which of the following children would have income taxed at trust and estate rates?...
In 2018, which of the following children would have income taxed at trust and estate rates? a. A 9-year-old child with salary income of $1,000 b. A 12-year-old child with net unearned income of $3,200 c. A 13-year-old child with salary income of $12,000 d. All of the above e. A nonstudent, 19-year-old child with net unearned income of $12,000
Homework Answers
Answer:
Option(e).
Taxable income attributable to net unearned income will be taxed according to the brackets applicable to trusts and estates. The kiddie tax applies to unearned income for children under the age of 19. Unearned income is income from sources other than wages and salary, like dividends and interest.
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In 2018, which of the following children would have income taxed
at trust and estate rates?...
In 2019, which of the following children would have income taxed at trust and estate rates?...
In 2019, which of the following children would have income taxed at trust and estate rates? a. A 13-year-old child with salary income of $12,000 b. A nonstudent, 19-year-old child with net unearned income of $12,000 c. A 9-year-old child with salary income of $1,000 d. A 12-year-old child with net unearned income of $3,200 e. All of these choices are correct.
Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no...
Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no earned income. He has no investment expenses Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. 2,700 Net unearned income is Simon's total tax is 375 X Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net...
Exercise 3-21 (LO. 7) Simon, age 12, generates $4,900 interest income and no earned income for...
Exercise 3-21 (LO. 7) Simon, age 12, generates $4,900 interest income and no earned income for 2019. He incurs no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is $ 2,700 Simon's total tax is Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned...
ork eBook Calculator Printem Problem 6-9 Uncanned Income of Minor Children and Certain Students (LO 6.4)...
ork eBook Calculator Printem Problem 6-9 Uncanned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12 year old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. II Stan's parents elected to report Stan's income on his parents' retum, what would the tax on Stan's income be? 370 X Paedias Chow To prevent income shifting,...
eBook Calculator Print item Problem 6-10 Unearned Income of Minor Children and Certain Students (LO 6.4)...
eBook Calculator Print item Problem 6-10 Unearned Income of Minor Children and Certain Students (LO 6.4) Explain the two different ways that the tax on uneared income of minor children, or "kiddie tax," can be reported. The kiddie tax may be computed on Form 8615 ✓ which is attached to the child's tax return. Alternatively, the parents may elect to include the income by attaching Form 3814 To make this election, the child's uneared income must be more than 1,000...
Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old...
Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan's parents elected to report Stan's income on his parents' return, what would the tax on Stan's income be? $
Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina...
Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. $ b. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. $ c. Zorica is a single parent with two dependent children. She earns $19,000 from...
During all of 2018, Mr. and Mrs. Clay lived with their four children (all are under...
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me: Jacqueline and John, married, and earned income $74,873 in 2018. They have two children, Kenneth...
me: Jacqueline and John, married, and earned income $74,873 in 2018. They have two children, Kenneth and Aaron who are 3 and 5 years old. Jacqueline and John paid $10,000 in day care for Kenneth and Aaron in 2018. John's employer reimbursed $5,000 of dependent care expense. Jacqueline had full-year health insurance coverage for ner household from her employer. The insurance premium deducted from her paycheck was $13,000 in 2018. Based on the facts above, please answer the following questions:...
Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross...
Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $85,200. Round all calculations (including all fractions) up to the next whole number. a. Neville and Julie can claim $______ as a child credit. b. They can claim $ ______ for the child credit if their children are ages 16 and 13. c. Assume the same facts as part a except that their adjusted gross income is $430,000. Neville...
Exercise 3-24 (LO. 7) In 2018, Simon, age 12, has interest income of $4,800 and no earned income. He has no investment expenses Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. 2,700 Net unearned income is Simon's total tax is 375 X Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net...
Exercise 3-21 (LO. 7) Simon, age 12, generates $4,900 interest income and no earned income for 2019. He incurs no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is $ 2,700 Simon's total tax is Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned...
ork eBook Calculator Printem Problem 6-9 Uncanned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12 year old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. II Stan's parents elected to report Stan's income on his parents' retum, what would the tax on Stan's income be? 370 X Paedias Chow To prevent income shifting,...
eBook Calculator Print item Problem 6-10 Unearned Income of Minor Children and Certain Students (LO 6.4) Explain the two different ways that the tax on uneared income of minor children, or "kiddie tax," can be reported. The kiddie tax may be computed on Form 8615 ✓ which is attached to the child's tax return. Alternatively, the parents may elect to include the income by attaching Form 3814 To make this election, the child's uneared income must be more than 1,000...
me: Jacqueline and John, married, and earned income $74,873 in 2018. They have two children, Kenneth and Aaron who are 3 and 5 years old. Jacqueline and John paid $10,000 in day care for Kenneth and Aaron in 2018. John's employer reimbursed $5,000 of dependent care expense. Jacqueline had full-year health insurance coverage for ner household from her employer. The insurance premium deducted from her paycheck was $13,000 in 2018. Based on the facts above, please answer the following questions:...
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