Tony,age 15,is claimed as a dependent by his grandmother.During 2016,Tony had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $800.Tony's taxable income is:

Question

Quizplus · Accepted Answer

As a dependent, Tony's standard deduction is limited to the greater of $1,050 or his earned income plus $350, which in this case is $1,150. Tony's taxable income is his total income minus his deductible expenses, so his taxable income is $1,800 - $1,150 = $650.

Tony,age 15,is Claimed as a Dependent by His Grandmother