Calculator Problem 3-40 (Algorithmic) (LO. 3,7) Taylor, age 18, is daimed as a dependent by her parents. For 2020, she has the following income: $5,600 wages from a summer job, $1,950 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2020 tax rate schedule. a. Taylor's standard deduction for 2020 is Taylor's taxable income for 2020 is b. Compute Taylor's "net unearned income for the purpose of the kiddie tax. Compute Taylor's tax liability. (Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).] CC333,0) upda....docx o a 3 11105 AM 9/10/2020 op ted/prod/assets/ 7bt-bf95-44/1-963t-aft/db8827a8.pdf?_gda__=st=1600030524-exp=1600635324-acle%2fprotected%2fprod%2fa... . 109 ...10 2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule z If taxable of the If taxable Income is: But not amount Income is: But not Over over- The taxis: over Over- ove The tax is: $ 0 $ 9,875 $ 0 $ 0 $ 14,100 9.875 40,125 $ 987.50 +12% 0,875 14.100 53.700 $ 1.410.00+ 12% 40,125 85.525 4,617.50 +229 40125 53,700 85,500 6,162.00 +2296 85,525 163,300 14,605.50 +24% 85.525 85,500 163,300 13,158.00 +24% 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830,00 + 32% 207.350 518.400 47,367.50 +354 207,350 207,350 518.400 45.926.00+ 35% 518,400 156,235.00+ 37% 518,400 518.400 154,793.50 +37% Married filing jointly or Qualifying widow(er) - Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable income is: But not amount Income is: But not Over- over The tax is: over Over over The tax is: $ 0 $ 19.750 10 $ 0 5 0 $ 9,875 19.750 80,250 $ 1,975.00 + 12% 19.750 9.875 40,125 $ 987.50 +12 80.250 171,050 9.235.00+22 80,250 40,125 85,525 4.617.50 +22% 171,050 326,600 29,211.00 +24% 171,050 85,525 163.300 14,605.50 +24% 326,600 66.543.00+ 329 414,700 326,600 207,350 163,300 33.271.50 + 329 414,700 622.050 94.735.00+ 35 414,700 207,350 311.025 47,367.50 35% 622,050 167,307.50+ 37 622,050 311,025 83,653.75 37 of the amount over- $ 0 14,100 53,700 85,500 163,300 207,350 518,400 ...10 of the amount over $ 0 9.875 40,125 85.525 163,300 207,350 311,025 o / a