Question
In 2022, Jack, age 12, has interest income of $6,660 on funds he inherited from his aunt and no earned income. He has no investment
In 2022, Jack, age 12, has interest income of $6,660 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 computations to the nearest dollar.
Jack's net unearned income is $4360.00 - correct
Jack's allocable parental tax is $959.2 - not correct ???? PLEASE HELP
Jack's total tax is $1074.2 - not correct ???? PLEASE HELP
I keep getting this wrong....please help!!!!!!!!!
Thank you in advance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Certainly Lets go through the steps to correctly determine Jacks taxable income and the tax computations step by step Step 1 Determining Jacks Total I...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started