Michaella, age 23, is a full-time law student and is claimed by her parents as a...

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Michaella, age 23, is a full-time law student and is claimed by her parents as a...

Michaella, age 23, is a full-time law student and is claimed by her parents as a dependent. During 2019, she received $1,400 interest income from a bank savings account and $12,000 from a part-time job. What is Michaella’s taxable income for 2019?

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Answer 1

Answer #1

Unearned Income	$ 1,400
Earned Income	$ 12,000
Gross Income	$ 13,400
Less: Standard deduction	$ 12,200
Taxable Income	$ 1,200
For 2019, Standard deduction is income earned + $350, but not more than the standard deduction of $12,200

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Answer 2

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