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Terri, age 16, is a dependent of her parents. During 2018, Terri earned $5,000 in interest income and $3,000 from part-time jobs. Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. a. What is Terri's taxable income

Respuesta :

Answer:

$4,500

Explanation:

Given:

Terri income earned = $5,000

Part time Income = $3000

Terri's Taxable income = ?

Computation of Terri's Taxable income :

Terri's total income = Terri income earned + Part time Income

= $5,000 + $3,000

= $8,000

Taxable Income =  Terri's total income - Standard deduction

= $8,000 - ($3,000+$350)

= $8,000 - $3,500

= $4,500

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