Kris, who is 17, earned $3,000 last year from investments. If his parent's marginal tax rate is 24% (as well as the federal trust rate) and Kris is in the 10% tax bracket, how much in federal taxes will be owed on this income?

$2,200 at 10% plus $800 at 24%

$3,000 at 10%

$1,100 at 10% plus $800 at 24%

$3,000 at 24%

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Heres how to calculate the federal taxe... View the full answer