What Options Are Available for Reporting and Paying Tax on the Unearned

question 89

Essay

What options are available for reporting and paying tax on the unearned income of a child under age 24?

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Definitions:

Judicial Branch

The branch of government responsible for interpreting the laws, ensuring justice, and administering the legal system within a country or state.

Specific Duties

Obligations or tasks that are clearly defined or particularized for an individual or role in a work or legal context.

Formal Rule Making

A type of rule making that is used when legislation requires a formal hearing process with a complete transcript; consists of publication of the proposed rule in the Federal Register, a public hearing, publication of formal findings, and publication of the final rule if adopted.

Federal Register

The government publication in which an agency publishes each proposed rule, along with an explanation of the legal authority for issuing the rule and a description of how the public can participate in the rule-making process, and later publishes the final rule.