Problem 3-46 (LO. 1, 3, 7)Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends orcapital gains). During 2023, Paige earned $3,900 pet sitting and $4,500 in interest on a savings account.Click here to access the 2023 tax rate schedule.What are Paige's taxable income and tax liability for 2023?a. Paige's total taxable income is $b. Paige's tax liability is $7,560 Single-Schedule XIf taxableincome is:Over-$0income is:Over-$0But notover-22,00089,450190,750364,200462,500693,750$ 11,00044,72595,375182,100231,250578,125.10%11,000$ 1,100.00 + 12%44,7255,147.00 +22%95,37516,290.00 + 24%182,10037,104.00 + 32%231,25052,832.00 + 35%578,125174,238.25 + 37%Married filing jointly or Qualifying widow(er)-Schedule Y-1If taxableBut notover-The tax is:$ 22,00089,450190,750364,200462,500693,750The tax is:.........10%2023 Tax Rate Schedules$ 2,200.00+ 12%10,294.00 +22%32,580.00 + 24%74,208.00 + 32%105,664.00 + 35%186,601.50 + 37%of theamountover-$011,00044,72595,375182,100231,250578,125of theamountover-$022,00089,450190,750364,200462,500693,750Head of household-Schedule ZIf taxableincome is:Over-$0If taxableincome is:Over-$0But notover-10%15,700$ 1,570.00 + 12%59,8506,868.00 +22%95,35014,678.00 +24%182,10035,498.00 + 32%231,25051,226.00 +35%578,100172,623.50 + 37%Married filing separately-Schedule Y-211,00044,72595,375182,100231,250346,875$ 15,70059,85095,350182,100231,250578,100But notover-The tax is:$ 11,00044,72595,375182,100231,250346,875......The tax is:.........10%$ 1,100.00 + 12%5,147.00 +22%16,290.00 +24%37,104.00 + 32%52,832.00 + 35%93,300.75 + 37%of theamountover-$015,70059,85095,350182,100231,250578,100of theamountover-$011,00044,72595,375182,100231,250346,875

Tax refers to the charge imposed on the income of an individual or corporation that is paid to the…

Answered: Problem 3-46 (LO. 1, 3, 7) Paige, age…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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