Taylor, age 15, is claimed as a dependent by her parents. For 2022, she has the following income: $4,200 in wages from a summer job, $1,625 interest from a money market account, and $2,100 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2022 is $ Taylor's taxable income for 2022 is b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).] $
Taylor, age 15, is claimed as a dependent by her parents. For 2022, she has the following income: $4,200 in wages from a summer job, $1,625 interest from a money market account, and $2,100 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2022 is $ Taylor's taxable income for 2022 is b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).] $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Aa 07.
![Taylor, age 15, is claimed as a dependent by her parents. For 2022, she has the following income: $4,200 in wages from a
summer job, $1,625 interest from a money market account, and $2,100 interest from City of Chicago bonds.
If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount
is zero, enter "0".
a. Taylor's standard deduction for 2022 is $
Taylor's taxable income for 2022 is
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $
Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital
gains).] $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8342b035-9205-4b5f-836c-08881ca83705%2Fa8b4c0d2-dca0-46ef-b74b-357d02765191%2Fqg4yzsp_processed.png&w=3840&q=75)
Transcribed Image Text:Taylor, age 15, is claimed as a dependent by her parents. For 2022, she has the following income: $4,200 in wages from a
summer job, $1,625 interest from a money market account, and $2,100 interest from City of Chicago bonds.
If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount
is zero, enter "0".
a. Taylor's standard deduction for 2022 is $
Taylor's taxable income for 2022 is
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $
Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital
gains).] $
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