Callie is the 11-year-old daughter and dependent of Mr. and Mrs. Santo. This year, Callie filed a

Question:

Callie is the 11-year-old daughter and dependent of Mr. and Mrs. Santo. This year, Callie filed a Form 1040 on which the only item of gross income was $10,557 interest from an investment bond that Callie inherited from a great aunt. Compute Callie’s income tax if her parents’ marginal tax rate is 39.6 percent. Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...