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Computers and TechnologyComputers and Technology
18 October, 04:15

During 2012, Jasmine (age 12) received $2,400 from a corporate bond. She also received $600 from a savings account established for her by her parents. Jasmine lives with her parents and she is their dependent. Assuming her parents' marginal tax rate is 28%, what is Jasmine's gross tax liability?$0$95$308$403

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  1. 18 October, 06:52
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    The answer to the following question is $403

    Explanation:

    The taxable income of Jasmine is - $2,050 ($3,000 minus $950 SD (standard deduction)). Her exact unearned income is - $1,100 ($3,000 gross income which is unearned minus $1,900). This is taxed at 28 % ($308 tax). The remaining $950 of her taxable income ($2, 050 minus $1, 100 taxed at parents ' rate) is taxed at 10 % ($95 tax). Total tax is $403 ($308 - 95).
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Home » Computers and Technology » During 2012, Jasmine (age 12) received $2,400 from a corporate bond. She also received $600 from a savings account established for her by her parents. Jasmine lives with her parents and she is their dependent.
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