Kiddie Tax
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Debbie is 24 years old and a dependent of her parents. She earns $4,200 working part-time and receives $2,200 interest on savings. She saves both the salary and interest. What is her taxable income? Would her taxable income or tax be different if Debbie were 16 years old?
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Solution Summary
The solution determines the taxable income.
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Yes, she still has to file because she has met the first qualification below for those who have to file taxes (the first one and the third one). Her taxable income, therefore, is $6400.
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