Basic Taxation. Calculating taxable income

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Basic Taxation. Calculating taxable income

Medaille University, Other

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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