Problem 3-46 (LO. 1, 3, 7)Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends orcapital gains). During 2022, Paige earned $3,900 pet sitting and $4,300 in interest on a savings account.Click here to access the 2022 tax rate schedule.What are Paige's taxable income and tax liability for 2022?a. Paige's total taxable income is $b. Paige's tax liability is $X. Single-Schedule XIf taxableincome is:Over-$010,27541,77589,075170,050215,950539,900If taxableincome is:Over-$But notover-$ 10,275020,55083,550178,150340,100431,900647,85041,775 $89,075170,050215,950539,900But notover-The tax is:$ 20,55083,550178,150340,100431,900647,850.........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%Married filing jointly or Qualifying widow(er)-Schedule Y-1The tax is:.........10%2022 Tax Rate Schedules$ 2,055.00 +12%9,615.00 +22%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-$020,55083,550178,150340,100431,900647,850Head of household-Schedule ZIf taxableincome is:Over-$If taxableincome is:Over-$But notover-010,27541,77589,075170,050215,950323,925014,65055,90089,050170,050215,950539,900Married filing separately-Schedule Y-2$ 14,65055,90089,050170,050215,950539,900But notover-The tax is:$ 10,27541,77589,075170,050215,950323,925......... 10%$ 1,465.00 +12%6,415.00 +22%13,708.00 +24%33,148.00 +32%47,836.00 + 35%161,218.50 +37%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 theamountover-$014,65055,90089,050170,050215,950539,900of theamountover-$010,27541,77589,075170,050215,950323,925

Answer:- Taxable income meaning:- The term "taxable income" refers to income that is subject to…

Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2022, Paige earned $3,900 pet sitting and $4,300 in interest on a savings account. Click here to access the 2022 tax rate schedule. What are Paige's taxable income and tax liability for 2022? a. Paige's total taxable income is $ b. Paige's tax liability is $ X.

Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2022, Paige earned $3,900 pet sitting and $4,300 in interest on a savings account. Click here to access the 2022 tax rate schedule. What are Paige's taxable income and tax liability for 2022? a. Paige's total taxable income is $ b. Paige's tax liability is $ X.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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