Problem $3-33($Algorithmic$)($LO$.3,7)$

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Taylor, age $16,$ is claimed as a dependent by her parents. For $2024,$ she has the following income: $$3,400$ wages from a summer job, $$1,300$ interest from a money market account, and $$2,100$ interest from City of Chicago bonds.

If required, round your answers to the nearest dollar. If an amount is zero, enter $"0".$

Click here to access the $2024$ tax rate schedule.

a$.$ Taylor's standard deduction for $2024$ is $fill in the blank $0$d$9834048$fecfaa$\_1$

$.$

Taylor's taxable income for $2024$ is $fill in the blank $0$d$9834048$fecfaa$\_2$

$.$

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To reduce the tax savings that result from shifting income from parents to children, the net unearned income $($commonly called investment income$)$ of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age $19($or under age $24$ if a full$-$time student$)$ and has unearned income of more than $$2,600.$

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b$.$ Compute Taylor's "net unearned income" for the purpose of the kiddie tax.

$fill in the blank $9$de$499$f$3$cfc$1014\_1$

Compute Taylor's tax liability. $[$Her parents file a joint return and have taxable income of $$135,000($no dividends or capital gains$).]$

$fill in the blank $9$de$499$f$3$cfc$1014\_2$Problem $3-33($Algorithmic$)($LO$.3,7)$

Taylor, age $16,$ is claimed as a dependent by her parents. For $2024,$ she has the following income: $$3,400$ wages from a summer job,

$$1,300$ interest from a money market account, and $$2,100$ interest from City of Chicago bonds.

If required, round your answers to the nearest dollar. If an amount is zero, enter $"0".$

Click here to access the $2024$ tax rate schedule.

a$.$ Taylor's standard deduction for $2024$ is $

$x.$

Taylor's taxable income for $2024$ is $

$x.$

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To reduce the tax savings that result from shifting income from parents to children, the net unearned income $($commonly called investment

income$)$ of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under

age $19($or under age $24$ if a full$-$time student$)$ and has unearned income of more than $$2,600.$

b$.$ Compute Taylor's "net unearned income" for the purpose of the kiddie tax.

$

$x$

Compute Taylor's tax liability. $[$Her parents file a joint return and have taxable income of $$135,000($no dividends or capital gains$).]$

$