Karen is 12 years old and her only income is $5,500 of interest income from a bank account with money her parents have given her to save for college. If Karen 's parent's tax rate is 35%, and Karen's portion of income is taxed at 10%, what is Karen's income tax liability? 

 

 

 

 

Answer rating: 100% (QA)

To calculate Karens income tax liability we first need to determine the total interest income and th... View the full answer