Question: Comprehensive Problem 6-1B You must complete Problem 1A before completing Problem 1B. Certain information regarding the parents' taxable income and tax rate is required to
Comprehensive Problem 6-1B You must complete Problem 1A before completing Problem 1B. Certain information regarding the parents' taxable income and tax rate is required to complete this problem. Richard and Christine McCarthy have a 19-year-old son Jack, (born 10/2/2003; Social Security number 555-55-1212), who is a full-time student at the University of Key West. Years ago, the McCarthys shifted a significant amount of investments into Jack's name. In 2022, Jack received Form 1099-INT that reported the following: Tandy Corporation Bonds interest $14,500 In addition, Jack works part-time as a waiter in an upscale seafood restaurant in Miami, FL. His 2022 Form W-2 reported: Wages $12,900 Federal withholding 1,100 In spite of his fairly large income, the McCarthys provide more than 50 percent of his support and claim Jack as a dependent in 2022. Jack's mailing address is 100 Duval Street, Apt. #B12, Key West, FL 33040. Required: Use the parent's information from Problem 1A, Form 1040, Schedule B, and Form 8615, to compute Jack's 2022 income tax.
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