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Exercise 3-21 (Algorithmic) (LO. 7) Simon, age 12, generates $5,580 interest...

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Accounting

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Exercise 3-21 (Algorithmic) (LO. 7) Simon, age 12, generates $5,580 interest income and no earned income for 2019. He Incurs no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is 3,380 Simon's total tax is 447 Feedback Check To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called Investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 If a full-time student)

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