Basic Taxation. Calculating taxable income
Question Description
I don’t understand this question and need help to study.
Megan is 15 years old and is a dependent of her parents. Two years ago her grandparents gifted her some stocks and bonds. Her parents are in the 35% marginal tax rate.
Her income for the year is:
Baby sitting job: $2000Interets-Google bonds $1500
Dividends- Apple Stock $2500
Interest on New York State Bond $500
What is her taxable income and tax due?
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