Question

Danny Liu is 20 years old and claimed as a dependent on his parents’ tax return. Compute Danny’s taxable income in each of the following cases:
a. Danny’s only income item was $2,712 interest earned on a certificate of deposit.
b. Danny had two income items: $2,712 interest earned on a certificate of deposit and $3,276 wages from a part-time job.
c. How would your answers change if Danny is not claimed as a dependent on his parents’ return?


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  • CreatedNovember 03, 2015
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