In 2019, a Child Who Has Unearned Income of $2,200

question 113

True/False

In 2019, a child who has unearned income of $2,200 or less cannot be subject to the kiddie tax.

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Definitions:

Notes Payable

A formal written agreement to pay a specific amount of money on a certain date or upon demand to another party.

Salaries Expense

The total amount paid to employees for services rendered during a specific period, recorded as an expense on the income statement.

Supplies

Materials and items consumed or used in the operation of a business or manufacturing process that are not part of the final product.

Unearned Rent

Income received by a company for rent that has not yet been earned because the rental period has not occurred.