Home / Questions / Taylor, age 18, is claimed as a dependent by her parents. For 2016, she has the following ...
Taylor, age 18, is claimed as a dependent by her parents. For 2016, she has the following income: $4,000 of wages from a summer job, $1,800 of interest from a money market account, and $2,000 of interest from City of Boston bonds.
a. What is Taylorâs taxable income for 2016?
b. What is Taylorâs tax for 2016? [Her parents file a joint return and have taxable income of $130,000 (no dividends or capital gains)].
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