Problem 3-37 (LO. 3, 7)
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Taylor, age 18, is claimed as a dependent by her parents. For 2023, she has the following income: $6,250 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds.
If an amount is zero, enter "0".
Click here to access the 2023 tax rate schedule.
a. Determine the following:
Taylor's standard deduction for 2023 is $______
.
Taylor's taxable income for 2023 is $______
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b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
$_____
Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
$_____
