Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no itemized deductions. Billy's parents are in the 24% marginal bracket. b. Interest income $6,000 1,000 Eamings from modeling job

Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no itemized deductions. Billy's parents are in the 24% marginal bracket. b. Interest income $6,000 1,000 Eamings from modeling job

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 19CE

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Question

determine income tax liability

b. Billy is a 16-year old dependent on his parents' tax return. Billy has the following income. He has no
itemized deductions. Billy's parents are in the 24% marginal bracket.
Interest income
$6,000
1,000
Earnings from modeling job

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