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 $fill in the blank a3fdd107d05dff8_1. Taylor's taxable income for 2022 is $fill in the blank a3fdd107d05dff8_2. Question Content Area b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $fill in the blank 03fd17f9ef9a055_1 Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).] $fill in the blank 03fd17f9ef9a055_2
Problem 3-37 (LO. 3, 7)
Question Content Area
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
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 $fill in the blank a3fdd107d05dff8_1.
Taylor's taxable income for 2022 is $fill in the blank a3fdd107d05dff8_2.
Question Content Area
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
$fill in the blank 03fd17f9ef9a055_1
Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or
$fill in the blank 03fd17f9ef9a055_2
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
