Taylor age 18 is claimed as a dependent by her

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South-Western Federal Taxation 2020: Comprehensive
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Chapter 1 / Exercise 46
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
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47. Taylor, age 18 is claimed as a dependent by her parents. For 2013, 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. 3.6.7.a. What is Taylor’s taxable income?
b. What is Taylor’s Federal income tax? Her parents file a joint return and report taxable
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South-Western Federal Taxation 2020: Comprehensive
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Chapter 1 / Exercise 46
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
Southwestern Federal TaxationHomework Chapter 1 & 3Mary K. Smith
pp. 3-9, 3-27, Exhibit 3.1, and Example 949. Terri, age 16, is claimed as a dependent on her parents’ 2013 return. During the year, Terri earned $5,000 in interest income and $3,000 from part time jobs.a. What is Terri’s taxable income?
b. How much of Terri’s income is taxed at her own tax rate? At her parents’ rate?
c. Can the parental election for the kiddie tax be made? Why or why not?

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