During 2018, Jasmine (age 12) received $7,350 from a corporate bond. She also received $770 from...
During 2018, Jasmine (age 12) received $7,350 from a corporate bond. She also received $770 from a savings account established for her by her parents. Jasmine lives with her parents and she is their dependent. What is Jasmine’s gross tax liability?
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a. $0
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b. $105
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c. $1,088
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d. $1,193
Homework Answers
In the above case, the age of jasmine is 12 i.e she is a minor. The income earned/received by jasmine is taxable in the hands of her parents as she is dependent.
Now the tax liability of jasmine is 0.
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During 2018, Jasmine (age 12) received $7,350 from a corporate
bond. She also received $770 from...
2. During 2019, Jasmine (age 12) received $6,550 from a corporate bond. She also received $600...
2. During 2019, Jasmine (age 12) received $6,550 from a corporate bond. She also received $600 interest from a savings account established for her by her parents. Jasmine lives with her parents and she is their dependent. Assuming her parents' marginal tax rate is 28%, what is Jasmine's gross tax liability? 50 - 1386 6550 + 600 = 7150 = 6050: 100 - 2200 - SAFO 49 A. $0 B. $110 C. $824 D. $934
During 2020, Jasmine (age 12) received $6,600 from a corporate bond. She also received $600 from a savings account established for her by her parents. Jasmine lives with her parents and she is claimed as a dependent in their tax return. Assuming her paren
During 2020, Jasmine (age 12) received $6,600 from a corporate bond. She also received $600 from a savings account established for her by her parents. Jasmine lives with her parents and she is claimed as a dependent in their tax return. Assuming her parents' marginal tax rate is 24%, what is Jasmine's gross tax liability?
1.) Carolyn has an AGI of 39900 (all from earned income) two qualifying children and is...
1.)
Carolyn has an AGI of 39900 (all from earned income) two
qualifying children and is filing as a head of household. what
amount of earned income credit is she entitled to? (use 2018 earned
income credit table).
$0
$1243
$3461
$4473
$5716
2.)
1040
1248
1428
2294
3.)
0
2240
2880
1830
4.)
21820
20770
9820
9660
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2. During 2019, Jasmine (age 12) received $6,550 from a corporate bond. She also received $600 interest from a savings account established for her by her parents. Jasmine lives with her parents and she is their dependent. Assuming her parents' marginal tax rate is 28%, what is Jasmine's gross tax liability? 50 - 1386 6550 + 600 = 7150 = 6050: 100 - 2200 - SAFO 49 A. $0 B. $110 C. $824 D. $934
1.)
Carolyn has an AGI of 39900 (all from earned income) two
qualifying children and is filing as a head of household. what
amount of earned income credit is she entitled to? (use 2018 earned
income credit table).
$0
$1243
$3461
$4473
$5716
2.)
1040
1248
1428
2294
3.)
0
2240
2880
1830
4.)
21820
20770
9820
9660
Miley, a single taxpayer, plans on reporting $30,100 of taxable income this year (all of her income is from a part-time job)....
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