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(47) Taylor, age 18, is claimed as a dependent on her parents. For 2013, she records the following income. $4,000 wages from a summer job.
(47) Taylor, age 18, is claimed as a dependent on her parents. For 2013, she records the following income. $4,000 wages from a summer job. $1,800 interest from a money market account, and $2,000 interest from City of Boston Bonds.a. What is Taylor’s taxable income?(b) What is Taylor’s Federal income tax? Her parents file a joint return and report taxable income of $130,000 (no dividends or capital gains.) (49) Terri, age 16, is claimed as dependent on her parents 2013 return. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs.a. What is Terri’s taxable income?(b) How much of Terri’s is taxed at her own tax rate? At her parents rate?C. Can the parental election of the kiddie tax be made? Why or why not?
Answer(47) Taylor, age 18, is claimed as a dependent on her parents. For 2013, sherecords the following income. $4,000 wages from a summer job. $1,800 interestfrom a money market account and...