# Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of \$52,000, and Stan has interest income of \$4,500.Click here to access the income tax rate schedules.If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?\$

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Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of \$52,000, and Stan has interest income of \$4,500.

If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?
\$

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Step 1

Taxable Income:

Taxable income refers to the base upon which an income tax system imposes tax. Generally, it include some or all items of income and is reduced by expenses and other deductions.

Step 2

Calculation of tax on S’s I...

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