(Assume the current tax year is 2021.) Ross and Theresa are married, file jointly, and have $590,000 of taxable income. They transfer ownership of corporate bonds to Patricia, their single daughter. There is $13,800 of interest on the corporate bonds in the current year. (Click the icon to view the standard deduction amounts.) (Click the icon to view the tax rate schedule for the Single filing status.) (Click the icon to view the tax rate schedule for the Married filing jointly filing status.) Read the requirements. Requirement a. Determine the amount of tax the family saves in the current year because Patricia owns the bonds rather than Ross and Theresa. Assume Patricia claims the standard deduction. Patricia is age 12 and a dependent of her parents. Her only gross income is the $13,800 of interest. Begin by computing the amount that Ross and Theresa would pay in tax if they owned the bonds. Ross and Theresa's tax if reporting the interest income would be Now compute the tax that Patricia owes on the interest income. Patricia's total income tax if reporting the interest income is Finally, determine the amount of tax the family saves in the current year because Patricia owns the bonds rather than Ross and Theresa. The amount of tax the family saves because Patricia owns the bonds rather than Ross and Theresa is Requirement b. Determine the amount of tax the family saves in the current year because Patricia owns the bonds rather than Ross and Theresa. Assume Patricia claims the standard deduction. Patricia is age 25 and not a dependent of her parents. Her gross income is comprised of the $13,800 of interest and $33,000 of wages. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) If Patricia were age 25, her tax would be computed using the tax rate schedule for Patricia would use this tax rate schedule because the kiddie tax If Patricia owned the bonds, her income tax would increase by The amount of tax the family saves because Patricia owns the bonds rather than Ross and Theresa is