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22 June, 07:18

Montague (age 15) is claimed as a dependent by his parents, Matt and Mary. In 2019, Montague received $5,090 of qualified dividends, and he received $890 from a part-time job. What is his taxable income for 2019?

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  1. 22 June, 08:40
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    His taxable income for 2019 is $4,740

    Explanation:

    In order to calculate his taxable income for 2019 first we have to calculate the following:

    First we have calculate the sum of the total income (earned and unearned) = $5,090 + $890=$5,980

    Taxable income for 2019=total income-Higher of the following two:a. $1,000 or b. $890+$350

    Therefore, Taxable income for 2019=$5,980-$1,240

    =$4,740

    His taxable income for 2019 is $4,740
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Home » Business » Montague (age 15) is claimed as a dependent by his parents, Matt and Mary. In 2019, Montague received $5,090 of qualified dividends, and he received $890 from a part-time job. What is his taxable income for 2019?
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