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7- Taxpayer is 16 years old at the end of the tax year and is...

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Accounting

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7- Taxpayer is 16 years old at the end of the tax year and is a qualiry (dependent) of her parents. For the tax year, Taxpayer gross income includes only $1,200 of interest on corporate bonds. Determine Taxpayer's income tax liability for the year assuming her parents' marginal ordinary income tax rate is 24%. Remember to work through the tax formula. 1.) 1,200

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