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Taylor, age 16, is claimed as a dependent by her parents. For 2021, she has the following income: $3,600 wages from a summer job, $1,625 Interest from a money market account, and $1,875 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 2021 tax rate schedule. a. Taylor's standard deduction for 2021 is s Taylor's taxable income for 2021 is s 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).]
2021 Tax Rate Schedules of the amount over- Single-Schedule X If taxable income is: But not Over- over- The tax is: $ 0 $ 9,950 ......... 10% 9,950 40,525 $ 995.00 +12% 40,525 86,375 4,664.00 +22% 86,375 164,925 14,751.00 +24% 164,925 209,425 33,603.00+32% 209,425 523,600 47,843.00 + 35% 523,600 157,804.25 +37% ********* Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable income is: But not Over- over- The tax is: $ 0 $ 19,900 .........10% 19,900 81,050 $ 1,990.00+ 12% 81,050 172,750 9,328.00 +22% 172,750 329,850 29,502.00+ 24% 329,850 418,850 67,206.00+ 32% 418,850 628,300 95,686.00+ 35% 628,300 168,993.50 +37% ************ S 0 9,950 40,525 86,375 164,925 209,425 523,600 of the amount over- 0 19,900 81,050 172,750 329,850 418,850 628,300 $ Head of household-Schedule Z If taxable income is: But not over- Over- The tax is: $ 0 $ 14,200 10% 14,200 54,200 $ 1,420.00+ 12% 54,200 86,350 6,220.00 +22% 86,350 164,900 13,293.00 +24% 164,900 209,400 32,145.00+32% 209,400 523,600 46,385.00+ 35% 523,600 156,355.00+ 37% ***** Married filing separately-Schedule Y-2 If taxable income is: Over- But not over- The tax is: $ 0 $ 9,950 10% 9,950 40,525 86,375 995.00+12 % 4,664.00 +22% 40,525 86,375 164,925 14,751.00 24% 164,925 209,425 33,603.00+32% 209,425 314,150 47,843.00+ 35% 314,150 84,496.75 +37% ********* $ of the amount over- 0 14,200 54,200 86,350 164,900 209,400 523,600 of the amount over- 0 9,950 40,525 86,375 164,925 209,425 314,150 $ $