Exercise 3-24 (LO. 7) In 2022, Jack, age 12, has interest income of $4,900 on funds...

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Exercise 3-24 (LO. 7) In 2022, Jack, age 12, has interest income of $4,900 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (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 2022 tax rate schedule. If required, round the tax liability to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 2,600 . 572 X. 0 X. Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student). Exercise 3-24 (LO. 7) In 2022, Jack, age 12, has interest income of $4,900 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (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 2022 tax rate schedule. If required, round the tax liability to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 2,600 . 572 X. 0 X. Feedback Check My Work To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student).