Which of the following statements, with respect to earned income received by a 15-year-old child who is eligible to be claimed as a dependent, is CORRECT?
I. The child has a limited standard deduction (up to $1,150 in 2022) available.
II. The child has up to a full standard deduction ($12,950 in 2022) available.
III.Any income in excess of $1,150 is taxable at the parent's marginal rates.
IV. The income is not subject to the parent's rate because it is earned income.
A) I and III B) I only C) II and IV D) II only