James, age 17, is claimed as a dependent by his parents Pete and Kim. During...
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Accounting
James, age 17, is claimed as a dependent by his parents Pete and Kim. During June through August, 2021, James' wages working weekends and evenings amounted to $15,000. He also received interest on Tesla bonds of $7,000. James is saving all his income for future college expenses.
a. Determine James' taxable income for 2021. (show work)
b. How much of James' taxable income will be taxed at his parent's marginal rate? (show work)
c. How much of Anton's taxable income will be taxed at his rate? (show work)
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