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Unformatted text preview: What is his taxable income? $39,250 Tax rate (know these for the final) 10%, 15%, 25%, 28%, 33%, 35% MISC. Filing requirements-for most people: Standard deduction and personal exemptions-for children and other dependents: Unearned income only and total of unearned income > 950 + ASD No unearned income and total income > 5700 + ASD Total income is greater than higher of $950 or unearned income plus $300 When to file:-April 15 th-October 15 th CLICKER: T-Mike is 16 and is claimed by Mike T. T-Mike earned $3500 for selling programs. Is he required to file a return? No...
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- Fall '08
- Accounting, Taxation in the United States