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In 2023, Jack, age 12, has interest income of $7,020 on funds he inherited from his aunt and no earned income. He has no investment
In 2023, Jack, age 12, has interest income of $7,020 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 $88,150 and file a joint return. Assume that no parental election is made.
Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar.
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2023 Tax Rate Schedules
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