Exercise 9-6 (Algorithmic) (LO. 6) In 2019, Simon, age 12, has interest income of $5,460 and no earned income. He has no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is $ 5,460 X Simon's total tax is $ 1,056 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). 2019 Tax Rate Schedules of the amount over- $ 0 Head of household-Schedule Z If taxable income is: But not Over- over- The tax is: $ 0 $ 13,850 ......... 10% 13,850 52,850 $ 1,385.00 + 12% 52,850 84,200 6,065.00 + 22% 84,200 160,700 12,962.00 + 24% 160,700 204,100 31,322.00 + 32% 204,100 510,300 45,210.00 + 35% 510,300 ..... 152,380.00 + 37% Married filing separately-Schedule Y-2 Single-Schedule X If taxable of the income is: But not amount Over- over- The tax is: over- $ 0 $ 9,700 .........10% $ 0 9,700 39,475 $ 970.00 + 12% 9,700 39,475 84,200 4,543.00 + 22% 39,475 84,200 160,725 14,382.50 + 24% 84,200 160,725 204,100 32,748.50 + 32% 160,725 204,100 510,300 46,628.50 + 35% 204,100 510,300 ...... 153,798.50 + 37% 510,300 Married filing jointly or Qualifying widow(er) - Schedule Y-1 If taxable of the income is: But not amount Over- over- The tax is: over- $ 0 $ 19,400 .........10% $ 0 19,400 78,950 $ 1,940.00 + 12% 19,400 78,950 168,400 9,086.00 + 22% 78,950 168,400 321,450 28,765.00 + 24% 168,400 321,450 408,200 65,497.00 + 32% 321,450 408,200 612,350 93,257.00 + 35% 408,200 612,350 164,709.50 + 37% 612,350 13,850 52,850 84,200 160,700 204,100 510,300 If taxable income is: Over- $ 0. 9,700 39,475 84,200 160,725 204,100 306,175 But not over- $ 9,700 39,475 84,200 160,725 204,100 306,175 The tax is: ......... 10% $ 970.00 + 12% 4,543.00 + 22% 14,382.50 + 24% 32,748.50 + 32% 46,628.50 + 35% 82,354.75 + 37% of the amount over- $ 0 9,700 39,475 84,200 160,725 204,100 306,175 Income Tax RatesEstates and Trusts Tax Year 2019 Taxable income The Tax Is: But not Over- Of the Amount Over- Over- $ 0 2,600 9,300 12,750 $ 2,600 9,300 12,750 10% $ 260.00 + 24% 1,868.00 + 35% 3,075.50 + 37% $ 0 2,600 9,300 12,750