Candace is claimed as a dependent on her parent's tax return $($assume her parents have a $24\%$ marginal tax rate$).$ In $2023,$ Candace received $$5,000$ of interest income from corporate bonds she obtained several years ago. This is her only source of income. She is $15$ years old at year$-$end. What is her gross tax liability? $($Use Tax Rate Schedule, Standard deduction.$)*$For individuals claimed as a dependent on another return, the $2023$ standard deduction is the greater of $(1)$ $$1,250$ or $(2)$ $$400$ plus earned income not to exceed the standard deduction

amount of those who are not dependents.

EXHIBIT $6-11$ Standard Deduction Amounts$*$

amount of those who are not dependents.