Exercise 3-21 (Algorithmic) (LO. 7) In 2020, Simon, age 12, has interest income of $8,220 on funds he inherited from his grandmother, and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made. Click here to access the 2020 tax rate schedule. If required, round the tax computations to the nearest dollar. Simon's net unearned income is Simon's allocable parental tax is Simon's total tax is 2020 Tax Rate Schedules Single-Schedule X If taxable income is: But not Over- over- of the amount Head of householdSchedule Z If taxable income is: But not Over- over- The tax is: of the amount over- The tax is: over- $ 0 $ 9,875 ......... 10% $ 0 $ 0 ......... 10% $ 0 $ 14,100 53,700 9,875 $ 987.50 + 12% 9,875 14,100 $ 1,410.00 + 12% 14,100 40,125 85,525 40,125 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 13,158.00 + 24% 85,500 85,500 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 45,926.00 + 35% 207,350 85,525 163,300 14,605.50 + 24% 85,525 163,300 207,350 33,271.50 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 518,400 156,235.00 + 37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 518,400 154,793.50 + 37% 518,400 Married filing separatelySchedule Y-2 If taxable income is: Over- of the amount over- But not If taxable income is: Over- of the amount But not over- over- The tax is: The tax is: over- $ 0 $ 19,750 ......... 10% $ 0 $ 0 $ 9,875 ......... 10% $ 0 19,750 19,750 9,875 80,250 171,050 $ 1,975.00 + 12% 9,235.00 + 22% 40,125 85,525 $ 987.50 + 12% 4,617.50 + 22% 9,875 40,125 80,250 80,250 40,125 171,050 29,211.00 + 24% 14,605.50 + 24% 85,525 326,600 414,700 171,050 326,600 85,525 163,300 163,300 207,350 326,600 66,543.00 + 32% 33,271.50 + 32% 163,300 414,700 622,050 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 + 35% 207,350 622,050 167,307.50 + 37% 622,050 311,025 83,653.75 + 37% 311,025