Question: Problem 3-47 (LO. 1, 3, 7) Terri, age 16, is a dependent of her parents. During 2023, Terri earned $5,200 in interest income and

Problem 3-47 (LO. 1, 3, 7) Terri, age 16, is a dependent

Problem 3-47 (LO. 1, 3, 7) Terri, age 16, is a dependent of her parents. During 2023, Terri earned $5,200 in interest income and $3,000 from part-time jobs. Click here to access the 2023 tax rate schedule. a. What is Terri's taxable income? b. How much of Terri's income is taxed at her parent's rate? At her rate? $ c. Can the parental election be made? Why or why not? The parental election be made because Terri's income solely from interest and dividends.

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