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". Louis is 12 and receives $1,115 in interest income. 15 V a. b. Jackson is 16. He earns $2,070 from his newspaper route and receives $515 in dividends on GCM 165 V stock. Loretta is 18 and a full time student. She earns $5,350 as a lifeguard during the summer. In addition, 200 C. 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. е. Elaine is a college student. Her only income consists of $3,015 from her part-time job delivering 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. 1,350 V

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". Louis is 12 and receives $1,115 in interest income. 15 V a. b. Jackson is 16. He earns $2,070 from his newspaper route and receives $515 in dividends on GCM 165 V stock. Loretta is 18 and a full time student. She earns $5,350 as a lifeguard during the summer. In addition, 200 C. 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. е. Elaine is a college student. Her only income consists of $3,015 from her part-time job delivering 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. 1,350 V

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 44P

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