. In 2020, Simon, age 12, has interest income of $6,900 on funds he inherited from his grandmother, and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made. Simon's net unearned income is $___ Simon's allocable parental tax is $___ Simon's total tax is $_____
Answer the following questions using the 2020 tax rate schedule (attached).
1. In 2020, Simon, age 12, has interest income of $6,900 on funds he inherited from his grandmother, and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made.
Simon's net unearned income is $___
Simon's allocable parental tax is $___
Simon's total tax is $_____
2. Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or
Paige's total taxable income is $___
Paige's tax liability is $___
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