Question
In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $550,000 (married filing jointly). Sheryl did
In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $550,000 (married filing jointly). Sheryl did not provide more than half her own support.
What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference.
b. She received $8,500 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 16 years old at year-end.
Tax liability_____
c. She received $8,500 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student
Tax liability_____
d. She received $8,500 of qualified dividend income. This is her only source of income. She is 16 years old at year-end.
Tax liability_____
2022 Tax Rate Schedules Individuals Srhedule X-Single Schedule V-1-Married Filing .Inintlv or Onalifving Widow(er) Tax Rates for Net Capital Gains and Qualified Dividends
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