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insert 32. Hossain, age 14, is a dependent of his parents. In 2021 he earned $5,000 from a part-time job and $8,000 of interest income
insert 32. Hossain, age 14, is a dependent of his parents. In 2021 he earned $5,000 from a part-time job and $8,000 of interest income on bonds given him by his grandparents, resulting in taxable income of $7,650. Under kiddie tax rules, calculation of tax requires dividing taxable income between net unearned income and other taxable income taxed at his own rate. Hossain's taxable income will be divided as follows A) net unearned income -$5,800 and earned taxable income -$1,850. B) net unearned income -$7,650 and earned taxable income -$0. C) net unearned income - $0 and earned taxable income -$7,650. D) net unearned income -$1,850 and earned taxable income -$5,800. 33. Gnatsooj is six years old, and the daughter of parents in the 37% tax bracket. Her only source of taxable income comes from a corporate bond fund received as a gift from her grandparents last year. For 2021, Gantsool earned $9,000 of interest income from this fund. What is Gantsooj's federal income tax liability? A) $680 B) $2,923 C) $2,626 D) $790 34. If an individual with a taxable income of $15,000 has a long-term capital gain in 2021, it is taxed at A) 0%. B) 20%. C) 10% D) 15%. 35. If a single taxpayer has taxable income of $100,000 in 2021, resulting in a marginal tax rate of 24%. If she sells stock that results in a long-term capital gain, it will be taxed at A) 0% B) 20%. C) 24%. D) 15%
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