Morgan $($age $45)$ is single and provides more than $50\%$ of the support of Tammy $($a family friend$),$ Jen $($a niece, age $18),$ and Jerold $($a nephew, age $18).$ Both Tammy and Jen live with Morgan, but Jerold $($a French citizen$)$ lives in Canada. Morgan earns a salary of $$96,000,$ contributes $$6,500$ to a traditional IRA, and receives sales proceeds of $$15,000$ for an RV that cost $$60,000$ and was used for vacations. She has $$8,200$ in itemized deductions.Problem $3-40($LO$.1,2,3,4,5,6)$

Morgan $($age $45)$ is single and provides more than $50\%$ of the support of Tammy $($a family friend$),$ Jen $($a niece, age $18),$ and Jerold $($a

nephew, age $18).$ Both Tammy and Jen live with Morgan, but Jerold $($a French citizen$)$ lives in Canada. Morgan earns a salary of $$96,000,$

contributes $$6,500$ to a traditional IRA, and receives sales proceeds of $$15,000$ for an RV that cost $$60,000$ and was used for vacations.

She has $$8,200$ in itemized deductions.

Click here to access the Components of the tax formula to use if required.

a$.$ Morgan's taxable income is $

$x.$

b$.$ Using the Tax Rate Schedules $($click here$),$ tax liability for Morgan is $

for $2023.$

c$.$ Compute Morgan's dependent tax credit.