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Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. a....

Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. a. Compute Tom's taxable income assuming he is self-supporting. b. Compute Tom's taxable income assuming he is a dependent of his parents. Tax Year 2019.

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Answer #1
since the data was not available, information assumed is :-
salary $ 1800
Interest income $ 1600
Itemised deduction 600
a) self supporting
Gross income ( 1800 + 1600 ) 3400
Less:- Itemised deduction -600
Less:- personal exemption 0
Taxable income 2800
a) dependent
Gross income ( 1800 + 1600 ) 3400
Less:- Itemised deduction -600
Taxable income 2800
The Tax Cuts and Jobs Act passed in 2017 eliminated the personal exemption
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