A child under 14 will be taxed at his own low rate on unearned income of up to $1,200 a year.
Ballet Theater will lose $41,900, less than 1 percent of its unearned income for 1994.
This tax is not collected on unearned income like interest and dividends.
The $10,000 clearly is not for personal services and is unearned income.
We will take into account any unearned income you have during the academic year.
We will ignore the first £20.52 a week of your unearned income (£1,067 for the academic year).
The rules place no limit on unearned income like money from investments.
What we may take into account is any unearned income (you have.
Essentially, for a child under age 14, the unearned income over $1,000 is subject to tax at the parents' rate.
Now, a child under 14 who has any unearned income over $1,000 pays taxes on it at the parents' rate.