Ask Question
BusinessBusiness
10 April, 01:30

During 2012, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 froma savings account established for him by his parents. Montoya lives with his parents and he is theirdependent. What is Montoya's taxable income?$0$2,200$2,800$1,850

+1
Answers (1)
  1. 10 April, 03:43
    0
    taxable income = $1850

    so correct option is $1850

    Explanation:

    given data

    received corporate bond = $2,200

    received savings account = $600

    to find out

    taxable income?

    solution

    we know here $950 standard deduction for person claimed as a dependent on another's tax return

    so taxable income is

    taxable income = 2200 + 600 - 950

    taxable income = $1850

    so correct option is $1850
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “During 2012, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 froma savings account established for him by his ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What song lyric from the Rolling Stones expresses a powerful economic idea?
Answers (1)
Which of the following is NOT an example that falls within the four major categories of business environment factors for today's organizations? a. globalization b. increased pool of customers c. fewer government regulations d. increased competition
Answers (1)
Which form of mass media was developed from a defense department project?
Answers (1)
What is the best form of studying when it comes to the A. C. T's and the S. A. T's?
Answers (1)
In January, Dieker Company requisitions raw materials for production as follows: Job 1 $960, Job 2 $1,400, Job 3 $760, and general factory use $620. Prepare a summary journal entry to record raw materials used.
Answers (1)
New Questions in Business
Zero Corp. suffered a loss having a material effect on its financial statements as a result of a customer's bankruptcy that rendered a trade receivable uncollectible.
Answers (2)
Upward communication among organizational members at the same level can facilitate task coordination, provide means of sharing information, provide formal channel of communication for problem solving, and facilitate mutual support for staff involved.
Answers (1)
Last year, a women's professional organization made two small-business loans totaling $23,000 to young women beginning their own businesses. The money was lent at 9% and 11% simple interest rates.
Answers (1)
When Crossett Corporation was organized in January 2018, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock.
Answers (1)
If the market is in equilibrium, then an option must sell at a price that is exactly equal to the difference between the stock's current price and the option's strike price. a. True b. False
Answers (1)
Home » Business » During 2012, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 froma savings account established for him by his parents. Montoya lives with his parents and he is theirdependent.
Sign Up Forgot Password?