Callie is the 11-year-old dependent of the Sanders. This year, Callie filed a Form 1040 on...

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Callie is the 11-year-old dependent of the Sanders. This year, Callie filed a Form 1040 on which the only item of gross income was $10,557 interest from an investment bond portfolio that Callie inherited from a relative. Assume the Sanders are subject to a 24 percent marginal tax rate. Required: Compute Callie's income tax. Assume the taxable year is 2023. Use Individual Tax Rate Schedule. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Callie's total income tax liability $ 0 Callie is the 11-year-old dependent of the Sanders. This year, Callie filed a Form 1040 on which the only item of gross income was $10,557 interest from an investment bond portfolio that Callie inherited from a relative. Assume the Sanders are subject to a 24 percent marginal tax rate. Required: Compute Callie's income tax. Assume the taxable year is 2023. Use Individual Tax Rate Schedule. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Callie's total income tax liability $ 0

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Answer To compute Callies income tax liability we need to follow these steps 1 Determine Callies tax... View the full answer