taylor, age 18, is claimed as a dependent by her parents. For 2012, she records the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest...

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taylor, age 18, is claimed as a dependent by her parents. For 2012, she records 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 Boston bonds. If an amount is zero, enter "0".



Taylor's standard deduction is $.



Taylor's personal exemption is $.



Taylor's taxable income is $.



Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $



Assume that Taylor's Federal income tax rate is 10% and her parents' tax rate is 28%. If Taylor's parents file a joint return and report taxable income of $130,000, then Taylor's tax is $.











Answered Same DayDec 24, 2021

Answer To: taylor, age 18, is claimed as a dependent by her parents. For 2012, she records the following...

Robert answered on Dec 24 2021
107 Votes
a) Wages. $4000
Money market Instruments. 1800
Bond interest (Exempt)
. -0-
Gross Income. $5800
Less: Standard deduction* (4350)
Personal exemption**. 0
Taxable income. 1450
b) Money market interest ...
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