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Taylor is 13 and is a dependent on her parents taxes. in 2018 she earned 3400...

Taylor is 13 and is a dependent on her parents taxes. in 2018 she earned 3400 in wages, 1560 interest from a money market account, and 2100 interest on a bond. what is her standadr deduction, taxa let income, net unearned income and tax liability

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Answer #1

The standard deduction for an individual for whom an exemption can be claimed on another person's tax return, is greater of: $1050 or $350 added to his earned income but limited to the regular standard deduction $6350.

Hence in the given case total earned income is $3400 adding $350 to it comes $3750, thus this will be his standard deduction.

There is NIL Taxable Income but since his other Income is more than $1050 hence he shall prepare a tax return

Unearned Income= $3660

NIL Tax Liability

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