Ask Question
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?

+4
Answers (1)
  1. 22 June, 08:40
    0
    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
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers