Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return. During 2018, she was full time colle...
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.
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Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return. During 2018, she was full time colle...
Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return....
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.
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?
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?
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 2018, she had interest income of $2,550 and $800 of earned income from babysitting. Hannah’s taxable income is:
Art, age 21, a full-time student at Western College, is claimed as a dependent by his...
Art, age 21, a full-time student at Western College, is claimed as a dependent by his parents. During 2018, he earned $1,600 from a summer job and $1,100 in interest from a savings account. Art's taxable income for 2018 is: a. $750. b. $1,100. c. $1,600. d. $2,700. e. None of the above.
Taylor, age 13, is claimed as a dependent by her parents. For 2018, she has the...
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...
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?
Q1. Jena is a full-time undergraduate student at State University and is claimed by her parents...
Q1. Jena is a full-time undergraduate student at State University and is claimed by her parents as a dependent. Her only source of income is a $10,000 athletic scholarship ($1,000 for books, $5,500 tuition, $500 student activity fee, and $3,000 room and board). What's Jena's gross income for the year? Please explain. Q2. Christie sued her former employer for a back injury she suffered on the job in 2016. As a result of the injury, she was partially disabled. In...
. Sylvia, age 17, is claimed by her parents as a dependent for 2019. During 2019,...
. 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.
3. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had...
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.
Q1. Jena is a full-time undergraduate student at State University and is claimed by her parents as a dependent. Her only source of income is a $10,000 athletic scholarship ($1,000 for books, $5,500 tuition, $500 student activity fee, and $3,000 room and board). What's Jena's gross income for the year? Please explain. Q2. Christie sued her former employer for a back injury she suffered on the job in 2016. As a result of the injury, she was partially disabled. In...
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.
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