Exercise 3-22 (Algorithmic) (LO. 7) In 2024, Jack, age 12, has interest income of $7,980 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 $94,150 and file a joint return. Assume that no parental election is made. Click here to access the 2024 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is $ 6,830 | X . Jack's allocable parental tax is Jack's total tax is $ X . 2024 Tax Rate Schedules SingleSchedule X If taxable of the incomeiis: But not amount Over over The tax is: over Head of householdSchedule Z If taxable income is: But not Over over The tax is: ofthe amount over $ 0 $ 11,600 $ 0 11,600 47150 $ 1,160.00 A 11,600 47,150 100,525 5,426.00 47,150 100,525 191,950 17,168.50 100,525 191,950 243,725 39,110.50 + 191,950 243,725 609,350 55,678.50 - 243,725 609,350 e 183,647.25 A 609,350 $ 0 $ 16,550 16,550 63,100 $ 1,655.00 +12% 63,100 100,500 7,241.00 + 22% 100,500 191,950 15,469.00 + 24% 191,950 243,700 37,417.00 + 32% 243,700 609,350 53,977.00 + 35% 609,350 181,954.50+ 37% $ 0 16,550 63,100 100,500 191,950 243,700 609,350 Married filing jointly or Qualifying widow(er) Schedule Y-1 If taxable of the incomeiis: But not amount Over over The tax is: over Married filing separatelySchedule Y-2 If taxable income is: But not Over over The tax is: ofthe amount over $ 0 $ 23,200 S 0 23,200 94300 $ 2,320.00 A 23,200 94,300 201,050 10,852.00 - 94,300 201,050 383,900 34,337.00 + 201,050 383,900 487,450 78,221.00 4 383,900 487,450 731,200 111,357.00 - 487,450 731,200 [T 196,669.50 - 731,200 $ 0 $ 11,600 11,600 47,150 $ 1,160.00 + 12% 47,150 100,525 5,426.00 + 22% 100,525 191,950 17,168.50 + 24% 191,950 243,725 39,110.50 + 32% 243,725 365,600 55,678.50 + 35% 365,600 98,334.75 + 37% $ 0 11,600 47,150 100,525 191,950 243,725 365,600