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Under §1(g)(3)(A), the tax rate applied to the net unearned income is the difference between the parent's applicable tax rate and the tax rate that would have applied had the child's unearned income been added to the parent's income. Starting in 2008 the kiddie tax provision will apply to dependents under 19 and dependent full-time students ...
A full-time student is a student who is enrolled for the number of hours or courses the school considers to be full-time attendance. High school students who work in co-op jobs or who are in a vocational high school program are classified as full-time students. Schools include technical, trade, and mechanical schools.
With CollegeBoard reporting rising full-time undergraduate tuition rates for the 2024-2025 school year, college expenses can clearly challenge any budget. That makes it worth looking for ways to ...
They point especially to universities' use of Teaching Assistants as part of a wider trend away from full-time, tenured faculty. For tax purposes, the Internal Revenue Service considers the compensation of graduate student employees to be wages. When graduate students receive payment for teaching, it is not taxed on a 1042-S form (for ...
So for instance, if you're in the 25% tax bracket, a $100 credit will give you $100 in tax savings, but a $100 deduction will only save you $25. Nevertheless, some people will do better by taking ...
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