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3) (10 points) The following information for 2021 relates to Will. He is a single taxpayer, age 18, and his parents' marginal tax rate is
3) (10 points) The following information for 2021 relates to Will. He is a single taxpayer, age 18, and his parents' marginal tax rate is 22%: Wages Taxable Interest income Itemized deductions $9,800 9,500 1,000 a. Compute Will's tax liability for 2021 assuming he is self-supporting. b. Compute Will's tax liability for 2021 assuming he is a dependent of his parents and they support him entirely (his earned income is NOT more than 50% of his support)
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