FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

J11.

 

Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2021, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If there was no kiddie tax and Stan is taxed at his own rate, what would the tax on his income be?
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Transcribed Image Text:Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2021, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If there was no kiddie tax and Stan is taxed at his own rate, what would the tax on his income be?
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