The Kiddie Tax Can Only Be Imposed on

question 73

Multiple Choice

The kiddie tax can only be imposed on

• A) the earned income of a child under 18.
• B) unearned income of a child in excess of $2,100.
• C) income only from property given to a child
• D) the unearned income of a child in excess of the standard deduction

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Definitions:

Joint Conceptual Framework

An integrated theoretical foundation for financial reporting that guides the development of accounting standards by multiple standard-setting bodies.

Fundamental Characteristics

Essential qualities or attributes that are critical to the definition, operation, or function of a concept, often used in reference to accounting principles.

Assets

Resources owned by a business from which future economic benefits are expected to flow to the enterprise.

Equity

The value of an ownership interest in property or a business, calculated as total assets minus total liabilities; represents what the owners' claim on the assets is.