Montague (age 15) is claimed as a dependent by his parents Matt and Mary.In 2013,Montague received $5,000 of qualified dividends and he received $800 from a part time job.What is his taxable income for 2013?

Question

Quizplus · Accepted Answer

Based on the information given, Montague's taxable income would be calculated as follows:
Qualified dividends: $5,000
Part-time job income: $800
Total income: $5,800
However, since Montague is claimed as a dependent by his parents, he can only claim the standard deduction for a dependent ($1,000 in 2013). Therefore, his taxable income would be $5,800 - $1,000 = $4,800. Option C is the closest choice to this amount.

Montague (Age 15) Is Claimed as a Dependent by His