Sylvia,age 17,is claimed by her parents as a dependent.During 2014,she had interest income from a bank savings account of $2,000 and income from a parttime job of $4,200.Sylvia's taxable income is:
A)$4,200 - $4,550 = $0.
B)$6,200 - $5,700 = $500.
C)$6,200 - $4,550 = $1,650.
D)$6,200 - $1,000 = $5,200.
E)None of these.

Question

Sylvia,age 17,is claimed by her parents as a dependent.During 2014,she had interest income from a bank savings account of $2,000 and income from a part­time job of $4,200.Sylvia's taxable income is:
A)$4,200 - $4,550 = $0.
B)$6,200 - $5,700 = $500.
C)$6,200 - $4,550 = $1,650.
D)$6,200 - $1,000 = $5,200.
E)None of these.

Quizplus · Accepted Answer

Sylvia's standard deduction is $4,200 (earned income)+ $350 = $4,550.Thus,her taxable income is $1,650 ($6,200 - $4,550).She is not eligible for a personal exemption.

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