Terri, age 16, is claimed as a dependent on her parents' 2015 Federal income tax return. During
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Terri, age 16, is claimed as a dependent on her parents' 2015 Federal income tax 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 own tax rate? At her parents' rate?
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a Earned income 3000 Interest income 5000 Gross income and AGI 8000 Less Standar...View the full answer
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Related Book For
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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