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Determine the taxable income of each of the following dependents for 2020.

Determine the taxable income of each of the following dependents for 2020.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tax on Unearned Income of a Minor Child (LO. 5) Determine the taxable income of each of the following dependents for 2020. If an amount is zero, enter "0". a. Louis is 12 and receives $1,115 in interest income. b. Jackson is 16. He earns $2,070 from his newspaper route and receives $515 in dividends on GCM stock. C. Loretta is 18 and a full time student. She earns $5,350 as a lifeguard during the summer. In addition, Loretta wins a rescue contest and receives a municipal bond worth $550. During the year, the bond pays $10 in interest. d. Eva is 15. Her income consists of municipal bond interest of $730, qualified dividend income of $1,395, and interest credited to her savings account of $790. Elaine is a college student. Her only income consists of $3,015 from her part-time job delivering е. pizzas. Her itemized deductions total $220. f. Greg is 2. He has certificates of deposit given to him by his grandparents that pay $2,450 in interest.
Transcribed Image Text:Tax on Unearned Income of a Minor Child (LO. 5) Determine the taxable income of each of the following dependents for 2020. If an amount is zero, enter "0". a. Louis is 12 and receives $1,115 in interest income. b. Jackson is 16. He earns $2,070 from his newspaper route and receives $515 in dividends on GCM stock. C. Loretta is 18 and a full time student. She earns $5,350 as a lifeguard during the summer. In addition, Loretta wins a rescue contest and receives a municipal bond worth $550. During the year, the bond pays $10 in interest. d. Eva is 15. Her income consists of municipal bond interest of $730, qualified dividend income of $1,395, and interest credited to her savings account of $790. Elaine is a college student. Her only income consists of $3,015 from her part-time job delivering е. pizzas. Her itemized deductions total $220. f. Greg is 2. He has certificates of deposit given to him by his grandparents that pay $2,450 in interest.
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