Taylor age 18 is claimed as a dependent by her parents for, Ask an Expert

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Taylor, age 18, is claimed as a dependent by her parents. For 2012, 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.

Please answer the following:

A. What is Taylors taxable income for 2012?

B. What is Taylors tax for 2012? (Her parents file a joint return and have taxable income of $130,000 [no dividends or capital gains].)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9952500

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