Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan's parents elected to report Stan's income on his parents' return, what would the tax on Stan's income be?

The answer is $393

Explanation:

Solution

In this case, we will find the tax on Stan's income which is stated below:

Stan's adjusted gross income = 4500

The standardized deduction = 1050

The unearned taxable income = 3450

With ordinary rate, the less statutory deduction is = 1050

The taxable income that is subject to his parent's rate = 2400

The tax with ordinary rate = (1050 * 10%) =105

The Tax with parent's rate is = (2400 * 12%) = 288

Hence,

The tax on Stan's income would be = 105 + 288 = $393

Note: Kindly find an attached copy of the Tax rate schedules as part of the question to this solution

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