Gina Lewis,age 12,is Claimed as a Dependent on Her Parent's

question 14

Essay

Gina Lewis,age 12,is claimed as a dependent on her parent's return.She is their only child. During 2014,she earned $2,300 from a summer job.She also earned interest of $2,750.Her parents' marginal tax rate is 28 percent.
Required:
a.Compute the amount of Gina's tax liability for 2014.
b.Can Gina's parents take a child tax credit for her?

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Definitions:

Psychosexual Stage

A concept in Freudian psychology that describes five stages of child development, each characterized by a different focus of libido (sexual drive).

Superego

In psychoanalytic theory, the part of the personality that acts as a moral center, enforcing ethical conduct and striving for perfection.

Psychological Development

The changes in cognitive, emotional, and social capabilities and behaviors across the lifespan, influenced by a mixture of genetic and environmental factors.

Defense Mechanism

Psychological strategies used unconsciously by individuals to protect themselves from anxiety and to manage emotional conflict and internal or external stressors.