Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following
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Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income: $6,000 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds.
a. What is Taylor’s taxable income for 2021?
b. What is Taylor’s tax for 2021? [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
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Solution a Standard deduction of Taylor for 2021 A dependent childs standard deduction is limited to ...View the full answer
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Related Book For 
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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