5 Richie\'s parents have been generous with Richie over the years. Richie is a 2

Question

5 Richie's parents have been generous with Richie over the years. Richie is a 21 years old and works at a local Hawaiin Shave Ice shack while attending college. Richie earned $2,000 at his job and received $4,000 in investment income. When not at school, Richie lived at home. Richie':s work income went to pay for his college student life-style (some road trips to away games and eating out with friends). Richie's parents pay for his housing. What is Richie's filing status and tax liability for 2018? (3 pts)

Explanation / Answer

Effective Tax Rate is 7.65%

The Richie's filling status is Single.

The Tax liabilities for year 2018 is $459.00

Yearly Gross Income $6000.00 Taxable Income $0.00 Federal Tax $0.00 State Tax $0.00 Social Security $372.00 Medicare $87.00 Total FICA $459.00 Take Home $5,541.00

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