To report your child's income on your return, simply follow these instructions and we'll apply the Kiddie Tax calculations. Related Information: What is the Kiddie Tax?
T Accounts The simplest account structure is shaped like the letter T. The account title and account number appear above the T. Debits (abbreviated Dr.) always go on the left side of the T, and credits (abbreviated Cr.) always go on the right.
Key Differences Between Debit and Credit The difference between debit and credit can be drawn clearly on the following grounds: Debit refers to the left side of the ledger account while credit relates to the right side of the ledger account.