FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Kindly help me solve these problems. Thank you.
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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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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