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Problem 6-8 Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2022, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income. 3,350 ✓ Feedback C. ►Check My Work b. Calculate Stan's net unearned income. 2,200✔ Feedback ►Check My Work Calculate Stan's tax for 2022. X

Problem 6-8 Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2022, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income. 3,350 ✓ Feedback C. ►Check My Work b. Calculate Stan's net unearned income. 2,200✔ Feedback ►Check My Work Calculate Stan's tax for 2022. X

FINANCIAL ACCOUNTING
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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Problem 6-8 Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2022, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income. 3,350 Feedback C. ►Check My Work b. Calculate Stan's net unearned income. 2,200 Feedback ►Check My Work Calculate Stan's tax for 2022. X
Transcribed Image Text:Problem 6-8 Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2022, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income. 3,350 Feedback C. ►Check My Work b. Calculate Stan's net unearned income. 2,200 Feedback ►Check My Work Calculate Stan's tax for 2022. X
2022 Tax Rate Schedules Schedule X-If your filing status is Single If your taxable income is: Over- $0 10,275 41,775 89,075 170,050 215,950 539,900 Over- $0 20,550 83,550 178,150 340,100 431,900 647,850 But not over- $10,275 41,775 89,075 170,050 215,950 539,900 Over- But not over- $20,550 83,550 178,150 340,100 431,900 647,850 A CAUTION Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable The tax is: income is: The Tax Rate Schedules are shown so you can see the tax rate that applies to all levels of taxable income. Don't use them to figure your tax. Instead, see the instructions for line 16. But not over The tax is: 10% $1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50 + 32% 49,335.50 + 35% 162,718.00 + 37% 10% $2,055.00 +12% 9,615.00 +22% Schedule Y-2-If your filing status is Married filing separately If your taxable income is: The tax is: 30,427.00+ 24% 69,295.00 + 32% 98,671.00 + 35% 174,253.50 +37% of the amount over- $0 10,275 41,775 89,075 170,050 215,950 539,900 of the amount over- $0 20,550 83,550 178,150 340,100 431,900 647,850 of the amount over
Transcribed Image Text:2022 Tax Rate Schedules Schedule X-If your filing status is Single If your taxable income is: Over- $0 10,275 41,775 89,075 170,050 215,950 539,900 Over- $0 20,550 83,550 178,150 340,100 431,900 647,850 But not over- $10,275 41,775 89,075 170,050 215,950 539,900 Over- But not over- $20,550 83,550 178,150 340,100 431,900 647,850 A CAUTION Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable The tax is: income is: The Tax Rate Schedules are shown so you can see the tax rate that applies to all levels of taxable income. Don't use them to figure your tax. Instead, see the instructions for line 16. But not over The tax is: 10% $1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50 + 32% 49,335.50 + 35% 162,718.00 + 37% 10% $2,055.00 +12% 9,615.00 +22% Schedule Y-2-If your filing status is Married filing separately If your taxable income is: The tax is: 30,427.00+ 24% 69,295.00 + 32% 98,671.00 + 35% 174,253.50 +37% of the amount over- $0 10,275 41,775 89,075 170,050 215,950 539,900 of the amount over- $0 20,550 83,550 178,150 340,100 431,900 647,850 of the amount over
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