SU 3 - Individual Taxation and Gross Income

Question 1

Qualifying child

Answer 1

All 4 must be met :

1) Relationship (descendants and stepbrother/daughter too)
2) Age (under 19 or 24 if in college)
3) Principal residence (same as you)
4) Not self - supporting

Question 2

Qualifying relative

Answer 2

4 must be met:

1) Relationship or residence (entire year resident) (cousins count with this one if they live with the TP)
2) Gross income (less than exemption of 4,050)
3) Support (at least 50%)
4) Not a qualifying child of anyone other TP

Question 3

Phaseout of personal exemption

Answer 3

4050 standard exemption
-Phase out by 2% for every 2500 over :
MFJ : 309,900
HOH: 284,050
Single: 258,250

Question 4

Max and minimum amount of Social Security taxed

Answer 4

Max = 85% Min = 50%