Sylvia,age 17,is claimed by her parents as a dependent.During 2011,she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200.Sylvia's taxable income is:

Question

Quizplus · Accepted Answer

Sylvia's total income is $6,200 ($2,000 interest + $4,200 part-time job). However, as a dependent, she is allowed a standard deduction of $1,050 and a personal exemption of $0. Therefore, her taxable income is $6,200 - $4,500 (the minimum taxable income for a dependent) = $1,700.

Sylvia,age 17,is Claimed by Her Parents as a Dependent