Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no itemized deductions. Billy's parents are in the 24% marginal bracket. b. Interest income $6,000 1,000 Eamings from modeling job
Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no itemized deductions. Billy's parents are in the 24% marginal bracket. b. Interest income $6,000 1,000 Eamings from modeling job
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 7P
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determine income tax liability
Transcribed Image Text:b. Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no
itemized deductions. Billy's parents are in the 24% marginal bracket.
Interest income
$6,000
1,000
Earnings from modeling job
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT