Taylor, age 14, is claimed as a dependent by her parents. For 2022, she has the following income: $4,800 wages from a summer job, $1,690 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 required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2022 tax rate schedule. a. Taylor's standard deduction for 2022 is $ Taylor's taxable income for 2022 is $ b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
Taylor, age 14, is claimed as a dependent by her parents. For 2022, she has the following income: $4,800 wages from a summer job, $1,690 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 required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2022 tax rate schedule. a. Taylor's standard deduction for 2022 is $ Taylor's taxable income for 2022 is $ b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 3-37 (Algorithmic) (LO. 3, 7)
Taylor, age 14, is claimed as a dependent by her parents. For 2022, she has the following income: $4,800 wages from a summer job,
$1,690 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 required, round your answers to the nearest dollar. If an amount is
zero, enter "0".
Click here to access the 2022 tax rate schedule.
a. Taylor's standard deduction for 2022 is $
Taylor's taxable income for 2022 is $
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
Compute Taylor's tax liability. [Her parents file a joint return and have xable
come of $135,000 (no dividends or capital gains).]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F956b79d0-b8ff-4513-ab04-2143e5c531c4%2Fb66b8932-3fd8-4e48-82b7-213a0183f30e%2Fpr1cmid_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 3-37 (Algorithmic) (LO. 3, 7)
Taylor, age 14, is claimed as a dependent by her parents. For 2022, she has the following income: $4,800 wages from a summer job,
$1,690 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 required, round your answers to the nearest dollar. If an amount is
zero, enter "0".
Click here to access the 2022 tax rate schedule.
a. Taylor's standard deduction for 2022 is $
Taylor's taxable income for 2022 is $
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
Compute Taylor's tax liability. [Her parents file a joint return and have xable
come of $135,000 (no dividends or capital gains).]
Transcribed Image Text:Single-Schedule X
If taxable
income is:
Over-
$
If taxable
income is:
Over-
$
0
But not
over-
20,550
83,550
178,150
340,100
431,900
647,850
$ 10,275
41,775
89,075
170,050
215,950
539,900
0
10,275
1,027.50 +12%
41,775
4,807.50 +22%
89,075
15,213.50 +24%
170,050
34,647.50+32%
215,950
49,335.50 +35%
539,900
162,718.00 + 37%
Married filing jointly or Qualifying widow(er)-
Schedule Y-1
But not
over-
$ 20,550
83,550
178,150
340,100
431,900
647,850
$
The tax is:
$
.........10%
The tax is:
.........10%
2,055.00 +12%
9,615.00 +22%
30,427.00 +24%
69,295.00 + 32%
98,671.00 + 35%
174,253.50 +37%
2022 Tax Rate Schedules
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
Head of household-Schedule Z
If taxable
income is:
Over-
$
0
14,650
55,900
89,050
If taxable
income is:
Over-
$
0
But not
over-
10,275
41,775
89,075
170,050
215,950
323,925
$ 14,650
55,900
89,050
170,050
215,950
539,900
$ 1,465.00+ 12%
6,415.00 +22%
13,708.00 +24%
170,050
33,148.00 + 32%
215,950
47,836.00 + 35%
539,900
161,218.50 + 37%
Married filing separately-Schedule Y-2
But not
over-
The tax is:
$ 10,275
41,775
89,075
170,050
215,950
323,925
.........10%
The tax is:
.........10%
$ 1,027.50 +12%
4,807.50 +22%
15,213.50 +24%
34,647.50+ 32%
49,335.50 +35%
87,126.75 + 37%
of the
amount
over-
$
0
14,650
55,900
89,050
170,050
215,950
539,900
$
of the
amount
over-
0
10,275
41,775
89,075
170,050
215,950
323,925
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