In 2020, Simon, age 12, has interest income of $5,820 on funds he inherited from his grandmother and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made. Click here to access the 2020 tax rate schedule. If required, round the tax computations to the nearest dollar. Simon's net unearned income is $fill in the blank 1. Simon's allocable parental tax is $fill in the blank 2. Simon's total tax is $fill in the blank 3.

In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $550,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Leave no answer blank. Enter zero if applicable. c. She received $8,400 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student> Tax liability

ASAP!   A)If a married couple files separate returns, both must claim the standard deduction (rather than itemize their below-the-line deductions).      B) Grace, age 16, is claimed as a dependent by her grandfather. During 2021, she had City of Baltimore bonds of $2,000 and earnings from cat-sitting of $400. Calculate her taxable income. You do not need to include the dollar sign, commas, or cents in your answer.   C) In terms of income tax consequences, abandoned spouses who do not have children are treated the same way as married persons filing separate returns.   T OR F?

During the year ended 30 June 2019 Michael, a resident taxpayer, received salary and wages income of $26,000 and a franked dividend of $9,800 with $4,200 of attached franking credits.  He also had tax instalments (PAYG) withheld from his salary and wages income of $4,000.  He has no dependents and no deductions.   Required: Calculate His net tax to pay or his refund due (ignore Medicare levy) for that tax year.

Henry files as a single taxpayer.  In 2020 his taxable income was $95,525.  Using the tax rate schedule in Chapter 3, what is his tax liability for the year?  (Be sure to use the 2020 rates. If you don't have the textbook, find the 2020 "tax rate schedule" for single taxpayers online)

Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he​ retired, he received Social Security benefits of $4,000 during the year.   Read the requirements.   Requirement a. What​ amount, if​ any, of the Social Security benefits are taxable for the​ year?   Begin by computing the provisional income. Only select items that are applicable to Bennett.​(Leave unused cells​ blank, do not select a label or enter a​ zero.)   Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000       Provisional income $30,000 The taxable portion of the Social Security benefits is   .     Requirements a. What​ amount, if​ any, of the Social Security benefits are taxable for the​ year? b. Would the answer be different if Bennett also had $1,500 of​ tax-exempt interest? c. What if he had had $6,400of​…

In 2023, Jack, age 12, has interest income of $6,540 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that no parental election is made. Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is

Garrett Gibbons is an unmarried person who is 74 years old. He has the following income during 2020: Fully taxable pension Interest from First Bank Taxable portion of Social Security Benefits (in other words, don't calculate this!) $27,000 $2,000 $7.900 He has no Adjustments to Income and his itemized deductions are $4,500. What is Garrett's Income Tax Liability for 2020? USE THE TAX RATE SCHEDULES APPEARING IN APPENDIX A. DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER! IF YOU GET A DECIMAL AMOUNT IN YOUR FINAL ANSWER, ROUND UP THE ANSWVER TO THE NEXT WHOLE DOLLAR AMOUNT.

In 2019, Simon, age 12, has interest income of $4,900 and no earned income. He has no investment expenses. Determine Simon’s net unearned income and total tax liability.

Henrich is a single taxpayer. In 2019, his taxable income is $456,500. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.)  Estates and Trusts If taxable income is over: But not over:   The tax is: $         0 $  2,600   10% of taxable income $  2,600 $  9,300   $260 plus 24% of the excess over $2,600 $  9,300 $12,750   $1,868 plus 35% of the excess over $9,300 $12,750     $3,075.50 plus 37% of the excess over $12,750 Tax Rates for Net Capital Gains and Qualified Dividends Rate* Taxable Income Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0 - $78,750 $0 - $39,375 $0 - $39,375 $0 - $52,750 $0 - $2,650 15% $78,751 - $488,850 $39,376…