Interest from money market account

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Reference no: EM131503814

Taylor, age 18, is claimed as a dependent by her parents. For 2016, she has the following income: $4,000 of wages from a summer job, $1,800 of interest from a money market account, and $2,000 of interest from City of Boston bonds.

a. What is Taylor’s taxable income for 2016?

b. What is Taylor’s tax for 2016? [Her parents file a joint return and have taxable income of $130,000 (no dividends or capital gains)].

Reference no: EM131503814

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