Can you help me with this practice problem C. Problem 6-8Unearned 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 incomeof $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.3,350FeedbackC.►Check My Workb. Calculate Stan's net unearned income.2,200Feedback►Check My WorkCalculate Stan's tax for 2022.X 2022Tax RateSchedulesSchedule X-If your filing status is SingleIf your taxableincome is:Over-$010,27541,77589,075170,050215,950539,900Over-$020,55083,550178,150340,100431,900647,850But notover-$10,27541,77589,075170,050215,950539,900Over-But notover-$20,55083,550178,150340,100431,900647,850ACAUTIONSchedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er)If your taxableThe tax is:income is:The Tax Rate Schedules are shown so you can see the tax rate that appliesto all levels of taxable income. Don't use them to figure your tax. Instead,see the instructions for line 16.But notoverThe 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 separatelyIf your taxableincome is:The tax is:30,427.00+ 24%69,295.00 + 32%98,671.00 + 35%174,253.50 +37%of theamountover-$010,27541,77589,075170,050215,950539,900of theamountover-$020,55083,550178,150340,100431,900647,850of theamountover

Kiddie tax law is the tax which is levied on the income of children under the age of 18 or the…

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

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 42P

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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 2021, 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. b. Calculate Stan's net unearned income. c. Calculate Stan's tax for 2021.
Question 2 Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $169,459, and her tax deductible purchases are: • Charitable contributions: $1,959 Mortgage interest: $2,334 • Educational Expenses: $5,115 Compute her final income tax using the following information: 2021 Individual Taxpayers If Taxable Income is Between: $0-$9,950 $9,951-$40,525 $40,526-$86,375 $86.376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 or more The Tax Due is: 10% of taxable income $995 plus 12% of the amount over $9,950 $4,664 plus 22% of the amount over $40,525 $14,751 plus 24% of the amount over $86,375 $33,603 plus 32% of the amount over $164,925 $47,843 plus 35% of the amount over $209,425 $157,804.25 plus 37% of the amount over $523,600 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,550
Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,812, and Petra has W-2 income of $46,627. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,588, and Petra has W-2 income of $46,227. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answer to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
Problem 6-12 (Algorithmic)The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $150,000. They have excess depreciation on real estate of $90,000, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $30,000, and they made charitable contributions of $15,000. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is $105,000, determine the amount of their AMTI.$
Question 11 In 2021, Santana's tentative minimum tax is $24,500 and her regular tax liability is $27,000. What is her alternative minimum tax? a. So O b. $2,500 O c. $24,500 O d. $27,000 Question 9 In 2021, Tanya and Bob are both 26 years old and they have one qualifying child. Their filing status is married fling joint, and nether are claimed as a dependent on another's return. All of their income ($28,000) is from wages earned working at their jobs. They do not have any for AGI deductions. What amount can Tanya and Bob claim as an earned income tax credit in 2021? O a. $0 Ob. $404 Oc$3,214 d. $3,618 Oe. None of the above Moving to another question will save this response. Evan and his wife, Jolie, have two daughters who are both considered their qualifying children. Evan and Jolie file a joint return. What is the total amount of child tax credit will they be able to claim in 2021 if their AGI is $170,000 and their daughters are 4 and 77 Hint: Select the total of the Child Tax Credit…
Problem 6-8Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules and the trust and estate tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income.$ b. Calculate Stan's net unearned income.$ c. Calculate Stan's earned taxable income.$ d. Calculate Stan's tax for 2019. $