Solved

Gina Lewis,age 12,is Claimed as a Dependent on Her Parent's

Question 93

Essay

Gina Lewis,age 12,is claimed as a dependent on her parent's return.She is their only child.She earned $2,300 from a summer job.She also earned interest of $2,750.Her parents' marginal tax rate is 28 percent.
Required:
a.Compute the amount of Gina's tax liability for 2016.
b.Can Gina's parents take a child tax credit for her?

Correct Answer:

verifed

Verified

blured image Tax liability:
Gina's net unearned inco...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q4: A building used in a business is

Q22: Married couples will normally file jointly.Identify a

Q34: Sally divorced her husband three years ago

Q67: Form 4868,a six-month extension of time to

Q72: If an individual with a marginal tax

Q75: An unmarried taxpayer may file as head

Q92: Carter dies on January 1,2016.A joint return

Q94: In 2016,the standard deduction for a married

Q96: Cheryl is claimed as a dependent on

Q98: The following information is available for Bob