Warren, age 17, is claimed as a dependent by his father. In 2017, Warren has dividend income of $1,500 and earns $400 from a part-time job
a. What is Warren's taxable income for 2017?
b. Suppose Warren earned $1,200 (not $400) from the part-time job. What is Warren's taxable income for 2017?
a.
$850 . Warren's standard deduction is $1,050 (the greater of $400 (earned income) + $350 or $1,050). Thus, $1,500 + $400 – $1,050 = $850 taxable income.
b. $1,150 . Warren's standard deduction now becomes $1,550 ($1,200 + $350). Thus, $1,500 + $1,200 – $1,550 = $1,150 taxable income.
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