Refer Tax Rate Schedules to answer the following questions. For each of these de
ID: 2531319 • Letter: R
Question
Refer Tax Rate Schedules to answer the following questions.
For each of these dependents, calculate the income tax on their taxable income. In each case, assume that their parents, who file jointly, have taxable income of $102,900.
If an amount is zero, enter "0". Round percent calculations to two decimal places. Round intermediate computations and final answer to the nearest dollar.
1. Loretta is 18. She earns $5,700 as a lifeguard during the summer. In addition, Loretta wins a rescue contest and receives a municipal bond worth $590. During the year, the bond pays $30 in interest.
2. Eva is 15. Her income consists of municipal bond interest of $730, stock dividends of $1,400, and interest credited to her savings account of $810.
3. Greg is 2. He has certificates of deposit given to him by his grandparents that pay $2,400 in interest.
2congageom Chapter 8 Class Discussion Refer Tex Rate Scheduies to arswer the following questiors. r an amount iszer, ener·D". Round percent calculations to two dacimai places. Round intermediate ocmp ations and nnal answer to the nearest collar. a. Louis 12 and reocives $1,240 in interest Incomc b. Jackson is 16. He earns $2,010 from hs nemspeper route and receives $U40 in dividends on GCM stock c. Lorette is 18. She earns $4,720 8 IEeguerd curing the summe [n eddeian, Laretta wins rsue contest and receives a minciaal bene warth $baa. During t ?? year, the hand pays s20 in imrwt. d. Eva a 15. Her income consists of municipal hand nterest af $780, stock dividenda af0, anc interast credted to hersaings account of $850 e. Elaine is a cellage sbucent. Her only income consists of $2,940 from her part-time job delvering pizzas He-itemized deductors total $210. f. Greg t 2. Hc hes certicates cr depost giwen to him by his grandperents thar pay $2,350 in interest The tissic thrust of thes ?w to tax the, nyt uneerned ?norme cf s child 6thl) hes not dtt8ined thesoge, of 14?minor chid)at the parents' marginal tax rata tha kiddi? tax). Previous Next ss gnment Score: 95.83 All work 8aved Emal Irstructor Save and Exlt Submit Assignment for GradingExplanation / Answer
1)Since Loretta(18) is working and has earned income so she is liable to pay tax and file return on her income and not her parent.
2)Overall interest and dividend income of Eva(15) is more than $1950 so taxable.Since it is less than $10500so it can be clubbed in the hands of parents.
3) Same provision will be apply for Greg(2).
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