The gallbladder is a small pear-shaped organ connected to your liver through the hepatic duct. It stores a substance called bile that flows from the liver. The gallbladder contracts to release bile through your intestines when you eat fat-containing food. Bile is a substance composed primarily of specialized salts that help emulsify fat, enabling intestinal absorption. Fat is one of six essential nutrients that your body needs to function properly.
In addition to being able to claim personal exemptions for each of their children, they may also qualify for a variety of related tax credits. One of these is the child tax credit, worth up to $1,000 per child in the 2016 and 2017 tax years.
The next $950 is taxed at the child's rate of 10%. That leaves $1,000 to be taxed at whatever rate would apply if this income were added to the income reported on your tax return. Suppose you're in the 28% tax bracket. The tax on your child's income would be 10% of $950 plus 28% of $1,000, for a total of $375. Even though the tax is calculated at the parents' rate, it is still the child that owes the tax, not the parents.