Question

In 2018, Simon, age 12, has interest income of $8,960 and no earned income. He has no investment expenses.

If required, round the tax liability to the nearest dollar.

1.Net unearned income is $_____

2. Simon's total tax is______

Answer #1

1 | Net unearned Income | = | $ 6,860 | |

2 | Simon's total tax | = | $ 1,142 | |

Workings: | ||||

1 | Net unearned Income | = | Net unearned Income - Threshold for 2018 | |

= | $8960 - $2100 | |||

= | $ 6,860 | |||

2 | Simon's total tax | = | ($3600 X 10%) + [($6860 - $3600) X 24%] | |

= | ($3600 X 10%) + ($3260 X 24%) | |||

= | $ 1,142 |

In 2019, Simon, age 12, has interest income of $900 and dividend
income of $4,000. He has no investment expenses. Determine Simon's
net unearned income and total tax liability.
Click here to access the 2019 tax rate schedule and 2019 Estate
and Trust Tax Rate Schedule. If required, round the tax
liability the nearest dollar.
Net unearned income is
$.
Simon's total tax is
$.

In 2019, Simon, age 12, has interest income of $900 and dividend
income of $4,000. He has no investment expenses. Determine Simon's
net unearned income and total tax liability.
Click here to access the 2019 tax rate schedule and 2019 Estate
and Trust Tax Rate Schedule. If required, round the tax
liability the nearest dollar.
Net unearned income is
$.
Simon's total tax is

Computation of Kiddie Tax
In 2020, Simon, age 12, has interest income of $900 and dividend
income of $4,000. He has no investment expenses. Determine Simon's
net unearned income and total tax liability.
Click here to access the 2020 tax rate schedule. If
required, round the tax liability the nearest dollar.
Net unearned income is
$.
Simon's total tax is
$.

Exercise 9-6 (Algorithmic) (LO. 6)
In 2019, Simon, age 12, has interest income of $6,780 and no
earned income. He has no investment expenses.
Click here to access the 2019 tax rate schedule and 2019
Estate and Trust Tax Rate Schedule. If required, round the tax
liability to the nearest dollar.
Income Tax Rates—Estates and Trusts
Taxable Income
Over—
$0 2,600 9,300 12,750
Taxable Income Over—
$0 2,550 9,150 12,500
Tax Year 2019
The Tax Is:
But not
Over— Over—...

Taylor, age 18, is a dependent of her parents. For 2018, she
records the following income: $4,400 wages from a summer job,
$1,885 interest from a money market account, and $2,100 interest
from City of Boston bonds. If required, round your answers to the
nearest dollar. If an amount is zero, enter "0".
a. Taylor's standard deduction for 2018 is $ .
Taylor's taxable income for 2018 is $ .
b. Compute Taylor's "net unearned income" for the purpose of...

tax year 2015
John (age 51 and single) has earned income of $3,000. He has
$30,000 of unearned (capital gain) income.
If he does not participate in an employer-sponsored plan, what is
the maximum deductible IRA contribution John can make in 2015 if he
has earned income of $10,000?

Simon recently received a credit card with an 12% nominal
interest rate. With the card, he purchased an Apple iPhone 5 for
$370. The minimum payment on the card is only $20 per month. If
Simon makes the minimum monthly payment and makes no other charges,
how many months will it be before he pays off the card? Do not
round intermediate calculations. Round your answer to the nearest
month. month(s) If Simon makes monthly payments of $60, how many...

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

Questions In 2018, Mason, age 35 and single, earned wages of
$75,000. Mason had no exclusions, and he had deductions for AGI of
$1,000. Mason’s itemized deductions for the year totaled $13,000.
Mason has no QBI (and thus no QBI deduction). Mason is entitled to
a $2,000 tax credit. 1. What is Mason’s AGI? 2. What is Mason’s
taxable income? 3. Using the single tax rates schedules, what is
Mason’s federal income tax liability (before credits) for 2018? 4.
What...

John (age 53 and
single) has earned income of $3,600. He has $34,600 of unearned
(capital gain) income.
a. If
he does not participate in an employer-sponsored plan, what is the
maximum deductible IRA contribution John can make in 2017?
b. If
he does participate in an employer-sponsored plan, what is the
maximum deductible IRA contribution John can make in 2017?
c. If
he does not participate in an employer-sponsored plan, what is the
maximum deductible IRA contribution John can...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 19 minutes ago

asked 56 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago