Taylor, age 18, is claimed as a dependent by her parents. For 2015, she records the following

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Taylor, age 18, is claimed as a dependent by her parents. For 2015, she records the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from City of Boston bonds.

a. What is Taylor's taxable income?

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

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South Western Federal Taxation 2016 Comprehensive

ISBN: 9781305395114

39th Edition

Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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Question Posted: Mar 31, 2017 02:32 PM

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Taylor, age 18, is claimed as a dependent by her parents. For 2015, she records 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 2016 Comprehensive

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