Glenda,age 8,has $4,150 interest from a trust fund established by her grandfather several years ago.If her parents are in the 35 percent marginal tax bracket,what is Glenda'stax liability?

Name: Glenda,age 8,has $4,150 interest from a trust fund established by her grandfather several years ago.If her parents are in the 35 percent marginal tax bracket,what is Glenda'stax liability?
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Question

Quizplus · Accepted Answer

; $4,150 - $1,050 = $3,100 taxable income; ($1,050 x .1)+ ($2,050 x .35)= $822.5

Glenda,age 8,has $4,150 Interest from a Trust Fund Established by Her