Taylor, age 18, is claimed as a dependent by her parents. For 2014, she has the following

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Taylor, age 18, is claimed as a dependent by her parents. For 2014, she has the following income: $4,000 of wages from a summer job, $1,800 of interest from a money market account, and $2,000 of interest from City of Boston bonds.

a. What is Taylor's taxable income for 2014?

b. What is Taylor's tax for 2014? [Her parents file a joint return and have taxable income of $130,000 (no dividends or capital gains).]

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South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781285438290

18th Edition

Authors: James Smith, William Raabe, David Maloney, James Young

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Question Posted: May 25, 2015 06:28 AM

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Taylor, age 18, is claimed as a dependent by her parents. For 2014, she has the following

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a Wages 4000 Money market interest 1800 Bond interest City of Boston bond interest is taxexempt 0 Gr...View the full answer

South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

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