Keon, age 19, is a dependent on his parents' 2021 tax return. His parents file jointly and their taxable income for the year was $300,000. Keon is an expert as buying the most popular shoes when they drop and earns a net profit of $15,000 in 2021 selling Nike Shoes. He also received an $80,000 gift from his grandparents and invested these funds in a savings account which paid $4,000 in interest income in 2021. What is Keon's total tax liability (including any Kiddie tax)? Answer: Kelley is single and has the following items that need to be considered in determining her tax liability for 2021: Wages $30,000 Long Term Capital Gain $100,000 Standard Deduction $12,550 What is her tax due? C T A v B I U iii III E E I > More 30k-12,550=28,745 Tax equals 3250.4 100,000-40,000=60,000 15% equals 9,000 Total Tax=3250.4+9000=12,250.4