Terri, age 16, is claimed as a dependent on her parents 2015 return. During the year, Terri
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Terri, age 16, is claimed as a dependent on her parents’ 2015 return. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs.
a. What is Terri’s taxable income?
b. How much of Terri’s income is taxed at her rate? At her parents’ rate?
c. Can the parental election be made? Why or why not?
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a To calculate Terris taxable income we need to start with her total income and then subtract any deductions or exemptions she may be eligible for Ter...View the full answer
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Related Book For
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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