Question: Tom, age 13, is claimed as a dependent by his parents whose tax rate is 35%. Tom has unearned income of $3,400 and $300 of
Tom, age 13, is claimed as a dependent by his parents whose tax rate is 35%. Tom has unearned income of $3,400 and $300 of income from mowing lawns in the neighborhood. If the rate on Tom's portion of income is 10%, what is Tom's 2020 income tax liability? a.$370 b.$1,295 c.$560 d.$260 e.None of these choices are correct. They say the answer is $260 but it was wrong?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
