Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no itemized deductions. Billy's parents are in the 24% marginal bracket. b. Interest income $6,000 1,000 Eamings from modeling job

Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no itemized deductions. Billy's parents are in the 24% marginal bracket. b. Interest income $6,000 1,000 Eamings from modeling job

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 7P

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Question

determine income tax liability

b. Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no
itemized deductions. Billy's parents are in the 24% marginal bracket.
Interest income
$6,000
1,000
Earnings from modeling job

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