What are the taxable income and tax liability


Response to the following problem:

Paige, age 17, is claimed as a dependent on her parents' 2015 Federal income tax return, on which they report taxable income of $120,000 (no qualified dividends or capital gains). Paige earned $3,900 pet sitting and $4,100 in interest on a savings account.

What are Paige's taxable income and tax liability?

 

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Taxation: What are the taxable income and tax liability
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