In 2022, Jack, age 12, has interest income of $7,140 on funds he inherited from his...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In 2022, Jack, age 12, has interest income of $7,140 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $82,250 and file a joint return. Assume that no parental election made. Click here to access the 2022 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 4,840 ✔. 441 X. 557 X. Single-Schedule X If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 20,550 83,550 178,150 But not over- 340,100 431,900 647,850 $ 10,275 41,775 89,075 170,050 215,950 539,900 The tax is: But not over- ......... 10% $ 1,027.50 +12% 4,807.50 +22% 10,275 41,775 89,075 170,050 215,950 539,900 Married filing jointly or Qualifying widow(er)- Schedule Y-1 15,213.50 +24% 34,647.50 + 32% 49,335.50 + 35% 162,718.00 + 37% The tax is: $ 20,550 83,550 178,150 340,100 431,900 69,295.00+ 32% 647,850 98,671.00 + 35% 174,253.50 +37% .........10% 2022 Tax Rate Schedules $ 2,055.00 +12% 9,615.00 +22% 30,427.00 +24% of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 539,900 of the amount over- $ 0 20,550 83,550 178,150 340,100 431,900 647,850 Head of household-Schedule Z If taxable income is: Over- $ If taxable income is: Over- $ 0 14,650 55,900 89,050 170,050 215,950 539,900 Married filing separately-Schedule Y-2 0 10,275 41,775 89,075 But not over- 170,050 215,950 323,925 $ 14,650 55,900 89,050 170,050 215,950 539,900 But not over- The tax is: ......... 10% $ 1,465.00+ 12% 6,415.00 +22% 13,708.00 +24% 33,148.00 + 32% 47,836.00 + 35% 161,218.50 +37% $ 10,275 41,775 89,075 170,050 215,950 323,925 The tax is: ......... 10% $ 1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50 +32% 49,335.50 + 35% 87,126.75 +37% of the amount over- $ 0 14,650 55,900 89,050 170,050 215,950 539,900 of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 323,925 In 2022, Jack, age 12, has interest income of $7,140 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $82,250 and file a joint return. Assume that no parental election made. Click here to access the 2022 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 4,840 ✔. 441 X. 557 X. Single-Schedule X If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 20,550 83,550 178,150 But not over- 340,100 431,900 647,850 $ 10,275 41,775 89,075 170,050 215,950 539,900 The tax is: But not over- ......... 10% $ 1,027.50 +12% 4,807.50 +22% 10,275 41,775 89,075 170,050 215,950 539,900 Married filing jointly or Qualifying widow(er)- Schedule Y-1 15,213.50 +24% 34,647.50 + 32% 49,335.50 + 35% 162,718.00 + 37% The tax is: $ 20,550 83,550 178,150 340,100 431,900 69,295.00+ 32% 647,850 98,671.00 + 35% 174,253.50 +37% .........10% 2022 Tax Rate Schedules $ 2,055.00 +12% 9,615.00 +22% 30,427.00 +24% of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 539,900 of the amount over- $ 0 20,550 83,550 178,150 340,100 431,900 647,850 Head of household-Schedule Z If taxable income is: Over- $ If taxable income is: Over- $ 0 14,650 55,900 89,050 170,050 215,950 539,900 Married filing separately-Schedule Y-2 0 10,275 41,775 89,075 But not over- 170,050 215,950 323,925 $ 14,650 55,900 89,050 170,050 215,950 539,900 But not over- The tax is: ......... 10% $ 1,465.00+ 12% 6,415.00 +22% 13,708.00 +24% 33,148.00 + 32% 47,836.00 + 35% 161,218.50 +37% $ 10,275 41,775 89,075 170,050 215,950 323,925 The tax is: ......... 10% $ 1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50 +32% 49,335.50 + 35% 87,126.75 +37% of the amount over- $ 0 14,650 55,900 89,050 170,050 215,950 539,900 of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 323,925
Expert Answer:
Answer rating: 100% (QA)
To determine Jacks net unearned income and his tax liability we need to refer to the tax rate schedu... View the full answer
Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
Posted Date:
Students also viewed these accounting questions
-
Construct a plot of vs . energy that includes the energy of each projection from 4 a ( you dont have to redraw them ) . ( NB we have drawn a few of these plots in class for ethane, propane, butane,...
-
In 2021, Jack, age 12, has interest income of $4,900 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income...
-
The value of a dirt bike decreases by 25% each year. If you purchased this dirt bike today for $500, to the nearest dollar how much would the bike be worth 5 years later?
-
For summertime fun, you decide to combine diving from a board with shooting a basketball through a hoop. (a) During several practice runs you stand at the end of a diving board and launch the...
-
For the rigid rotor dumbbell (arbitrary amplitude \(A\) ), normalize the wave function.
-
6. ETHICS Trial practice also is dramatically different in Britain. The parties' solicitors do not go into court. Courtroom work is done by different lawyers, called barristers. The barristers have...
-
Two years ago, your best friend Scott Adams started a home business selling custom-made chairs and tables. His original designs quickly became popular, and he began selling in large quantities. To...
-
Hayward Corporation had net income of $50,000 for the year endedDecember 31, 2023, and weighted average number of common sharesoutstanding of 10,000. The following information is providedregarding 2...
-
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2022 follow: The firm expects the average wage rate to be $25 per hour in 2022. Spring...
-
Consider the elliptic curve group based on the equation y = x + ax+b mod p where a = 952, b = 873, and p = 2063. We will use these values as the parameters for a session of Elliptic Curve...
-
4. How much time would it take a train locomotive running at 6000 Horsepower to use the 132 million Joules of energy in a gallon of diesel fuel? (1 Hp = 746 Watts) 5. Calculate the final velocity of...
-
Find maxima and minima of the function y = x-4x+5
-
Toledo Ltd. produces different pieces of furniture. A set of electric drills used in the production of furniture wears out rapidly, after which the firm scraps them. Calculate the equivalent uniform...
-
Find a minimum of three scholarly sources that you plan to use to inform your teaching.add a reflection paragraph addressing your consideration of a cross-cultural topic and why or why not this topic...
-
5. (5 points) The records of Air Bud's Boutique report the following data for the month of April. Sales revenue $135,300 Purchases (at cost) $60,500 Sales returns 8,100 Purchases (at sales price)...
-
For each interest rate below, match it with an equivalent interest rate from the following list. If they don't match exactly, choose the best match for each. 1. i (2) = 10.00% (nominal rate...
-
What is an insurable interest? Why is it important?
-
A list of the items that Faith sold and the losses she incurred during the current tax year is as follows: Yellow, Inc. stock...........................$ 1,600 Faith's personal use...
-
Norm is negotiating the sale of a tract of his land to Pat. Use the following classification scheme to classify each of the items contained in the proposed sales contract:...
-
Adrian was awarded an academic scholarship to State University for the 20222023 academic year. He received $6,500 in August and $7,200 in December 2022. Adrian had enough personal savings to pay all...
-
To become a member of an Internet DVD library, Maritza has to put down a deposit of \($100,\) using her credit card. When and if Maritza chooses to discontinue her membership, the library will refund...
-
If your personal financial statements indicate that you have a deficit, what might you do to change your financial situation?
-
How do you calculate your net worth when preparing a balance sheet?
Study smarter with the SolutionInn App