1 Required information [The following information applies to the questions displayed below) In 2020, Sheryl is claimed as a dependent on her parents tax return. Her parents report taxable income of $500,000 (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. (Leave no answer blank. Enter zero if applicable.) of 2 a. She received $5,800 for a part-time job. This was her only source of income. She is 16 years old at year-end. Tax liability 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 1987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $0 $ 19,750 10% of taxable income $ 19,750 S 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326,600 $414.700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income ALTA AVEL ALTA ALLAVA Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate Married Piling Jointly Married Filing Separately Single Head of Hoovehoki Trusts and Estates 09 50-580,000 50 - $10,000 50.500.000 $0-$53,600 $0$2.650 15 580,001 - 5496,600 $10,001 - 5248.300 500,001 - SL1,450 553,601 5169.050 52,651 - 513.150 20% $496,601 $24.301 5141,5 $461,051- S11151 *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income pred in the table net capital gains and qualified dividends art included mobile income List for this purpose) Required information [The following information applies to the questions displayed below) in 2020, Sheryl is claimed as a dependent on her parents tax return. Her parents report taxable income of $500,000 (married filing jointly) Sheryl did not provide more than half her own support What is Shery's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Carital Gains Tax Rates for reference (Leave no answer blank. Enter zero if applicable) b. She received 55,800 of interest income from corporate bonds she received several years ago. This is her only source of income She is 16 years old at year-end. Tax ability