Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2022 tax rate schedule. a. Determine the following: Taylor's standard deduction for 2022 is Taylor's taxable income for 2022 is S 6,650 800 400 b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2022 tax rate schedule. a. Determine the following: Taylor's standard deduction for 2022 is Taylor's taxable income for 2022 is S 6,650 800 400 b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's income tax. [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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please confirm the calculations and do what's wrong and incomplete.
![Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800
interest from a money market account, and $300 interest from City of Chicago bonds.
If an amount is zero, enter "0".
Click here to access the 2022 tax rate schedule.
a. Determine the following:
Taylor's standard deduction for 2022 is S
Taylor's taxable income for 2022 is $
6,650
800
400
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
Compute Taylor's income tax. [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%2F96bc6d44-de11-47ce-81e2-3ceaa5c8d4c8%2F748f936c-9a26-4cc0-b13a-f7c1df3fbb61%2F64otx89_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800
interest from a money market account, and $300 interest from City of Chicago bonds.
If an amount is zero, enter "0".
Click here to access the 2022 tax rate schedule.
a. Determine the following:
Taylor's standard deduction for 2022 is S
Taylor's taxable income for 2022 is $
6,650
800
400
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
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