Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2018, she had interest income of $2,550 and $800 of earned income from babysitting. Hannah’s taxable income is:
$3,300 gross income – greater of $1,050 or ($800 earned income + $350) – $1,550 (additional standard deduction for age 65 and older) = $600.
She is not eligible for a personal exemption
Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2018, she...
Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2020, Hannah had interest income of $2,550 and $850 of earned income from babysitting. Hannah's taxable income is: a) $600 b) $900 c) $2,250 d) $2,550
Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During 2017, he had interest income of $4,000 and $800 of earned income from consulting. Henry's taxable income is: a.$1,400. b.$1,300. c.$2,100. d.$0. e.None of these choices are correct. Feedback Incorrect. $4,000 gross income – greater of $1,050 or ($800 earned income + $350) – $1,550 (additional standard deduction for age 65 and older) = $1,300. Why is Henry's gross income only 4000? Why is...
Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return. During 2018, she was full time college student and received a scholarship to cover her tuition of $8,000. She had wages of $5000 from a part time job and investment income of $3000. Calculate Anne Marie’s taxable income.
compute the 2019 standard deduction. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $150, and her interest income is $425.
Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return. During 2018, she was full time college student and received a scholarship to cover her tuition of $8,000. She had wages of $5000 from a part time job and investment income of $3000. Calculate Anne Marie’s taxable income.
3. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. Ayla's taxable income is: a. $4,200 - $4,550 $0. b. $6,200 - $5,700 = $500. c. $6,200 - $4,550 = $1,650. d. $6,200 - $1,000 = $5,200. e. None of these.
Taylor, age 13, is claimed as a dependent by her parents. For 2018, she has the following income: $5,400 wages from a summer job, $1,950 interest from a money market account, and $1,875 interest from City of Boston bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2018 is $ . Taylor's taxable income for 2018 is $ . b. Compute Taylor's "net unearned income" for the...
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?
. Sylvia, age 17, is claimed by her parents as a dependent for 2019. During 2019, she had wages from a part-time job of $2,000, capital gains income of $4,200, and no other income or deductions (except the standard deduction). Sylvia’s taxable income is: a. $6,200 – $2,350 = $3,850 b. $6,200 – $4,400 = $1,800. c. $6,200 – $4,550 = $1,650. d. $6,200 – $350 = $5,850. e. $6,200 – $1,050 = $5,150.
1. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. Ayla's taxable income is: a.$4,200 – $4,550 = $0. b.$6,200 – $4,550 = $1,650. c.$6,200 – $1,000 = $5,200. d.$6,200 – $5,700 = $500. e.None of these choices are correct. 2. In terms of the tax formula applicable to individual taxpayers, which of the following statements, if...