Kim, a U.S. citizen and resident, owns and operates a novelty goods business. During 2021, Kim reports taxable income of $115,000: $50,000 from foreign sources and $65,000 from U.S. sources. In calculating taxable income, the standard deduction is used. The income from foreign sources is subject to foreign income taxes of $17,500. For 2021, Kim files a joint return with her spouse. Click here to access the tax rate schedule. a. Assuming that Kim chooses to claim the foreign taxes as an income tax credit, what is her net Federal income tax payable for 2021? 5,818.35 X Single-Schedule X If taxable 2021 Tax Rate Schedules Head of household-Schedule Z income is: Over- But not over- of the amount If taxable income is: But not of the amount The tax is: over- Over- over- The tax is: over- $ 0 $ 9,950 .........10% $ 0 $ 0 $14,200 .........10% $ 0 9,950 40,525 40,525 86,375 $ 995.00 + 12% 9,950 14,200 54,200 $ 1,420.00+12% 14,200 4,664.00 +22% 40,525 54,200 86,350 6,220.00+22% 54,200 86,375 164,925 14,751.00 +24% 86,375 86,350 164,900 13,293.00 + 24% 86,350 164,925 209,425 33,603.00 +32% 164,925 164,900 209,400 32,145.00+32% 164,900 209,425 523,600 47,843.00 +35% 209,425 209,400 523,600 46,385.00+35% 209,400 523,600 157,804.25 + 37% 523,600 523,600 156,355.00 + 37% 523,600 Married filing jointly or Qualifying widow(er) Schedule Y-1 If taxable income is: Over- But not over- of the amount If taxable $ 0 $ 19,900 The tax is: .........10% over- income is: Over- But not over- Married filing separately-Schedule Y-2 of the amount The tax is: over- $ 0 $ 0 $ 9,950 .........10% $ 0 19,900 81,050 $ 1,990.00+12% 19,900 9,950 40,525 $ 995.00 + 12% 9,950 81,050 172,750 9,328.00 +22% 81,050 40,525 86,375 4,664.00 +22% 40,525 172,750 329,850 29,502.00 +24% 172,750 86,375 164,925 14,751.00 +24% 86,375 329,850 418,850 67,206.00 + 32% 329,850 164,925 209,425 33,603.00 +32% 164,925 418,850 628,300 95,686.00 + 35% 418,850 209,425 314,150 47,843.00 + 35% 209,425 628,300 168,993.50+ 37% 628,300 314,150 84,496.75 + 37% 314,150