Simon, age 12, generates $800 interest income and $4,000 dividend income for 2016. He incurs no investment

Question:

Simon, age 12, generates $800 interest income and $4,000 income for 2016. He incurs no investment expenses. His parents report $80,200 taxable income and file a joint tax return. Determine the following.
a. Simon's net unearned income.
b. Simon's allocable parental tax.
c. Simon's total Federal income tax liability.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...