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nignag [31]
3 years ago
5

During 2018, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 from a savings account established fo

r him by his parents. Montoya lives with his parents and he is their dependent. What is Montoya’s taxable income?
A. $2,800B. $2,200C. $1,750D. $0
Business
1 answer:
Ann [662]3 years ago
3 0

Answer:

The correct answer is option (C) $ 1,750

Explanation:

Given data:

Amount received from corporate bond = $ 2,200

Amount received from a savings account = $ 600

Thus, the total income = $ 2,200 + $ 600

or

The total income = $ 2800

Now,

the standard deduction for the person claimed as dependent's on another's tax return = $ 1,050

Hence, the total taxable income = Total income - standard deduction

or

the total taxable income = $ 2,800 - $ 1,050 = $ 1,750

Hence, the correct answer is option (C) $ 1,750

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Answer:

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