Question

In: Accounting

Donnie, age 15, is claimed as a dependent by his grandmother. During 2020, Donnie had interest...

Donnie, age 15, is claimed as a dependent by his grandmother. During 2020, Donnie had interest income from Google Corporation bonds of $1,000 and earnings from a part-time job of $700. Donnie's taxable income is:

a.$1,000.

b.$1,700 – $700 = $1,000.

c.$1,700 – $700 – $1,000 = $0.

d.$1,700 – $1,100 = $600.

e.$1,700 + $700 + $1,000 = $3,400.

Solutions

Expert Solution

Interest income from bonds = 1000

Parttime Earnings = 700

Net 1700

Standard Deduction = 1100

= 1700 - 1100 = 600

OPtion D is corect answer

ekkarill92 answered 2 years ago
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