During 2012, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 froma savings account established for him by his parents. Montoya lives with his parents and he is theirdependent. What is Montoya's taxable income?$0$2,200$2,800$1,850

Question

Business

Alayna Roman

21 November, 20:36

During 2012, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 froma savings account established for him by his parents. Montoya lives with his parents and he is theirdependent. What is Montoya's taxable income?$0$2,200$2,800$1,850

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Answers (1)

Know the Answer?

Patrick Casey · Answer 1

taxable income = $1850

so correct option is $1850

Explanation:

given data

received corporate bond = $2,200

received savings account = $600

to find out

taxable income?

solution

we know here $950 standard deduction for person claimed as a dependent on another's tax return

so taxable income is

taxable income = 2200 + 600 - 950

taxable income = $1850

so correct option is $1850