Taylor, age 18, is claimed as a dependent by her parents. For 2020, she has the following

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Taylor, age 18, is claimed as a dependent by her parents. For 2020, she has the following income:

a) $4,000 of wages from a summer job,

b) $1,800 of interest from a money market account, and

c) $2,000 of interest from City of Boston bonds.

1) What is Taylor\'s taxable income for 2020?

2) What is Taylor\'s tax for 2020? {Her parents file a joint return and have taxable income of $130,000 (no dividends or capital gains)}.

Related Book For answer-question

South western Federal Taxation 2018 Essentials of Taxation Individuals and Business Entities

ISBN: 9781337386173

21st edition

Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Posted Date: Aug 31, 2020 08:00 PM

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Taylor, age 18, is claimed as a dependent by her parents. For 2020, she has the following

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Calculation Wages 4000 Money market interest 1800 Bond inter... View the full answer

South western Federal Taxation 2018 Essentials of Taxation Individuals and Business Entities

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