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 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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