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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?

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Answer:

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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