of the amount over $ 0 14,200 54,200 2021 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable income is: But not amount income is: But not Over- over The tax is: over Over- over- The tax is: $ 0 $ 9,950 ...... 10% $ 0 $ 0 $ 14,200 ......... 10% 9,950 40,525 $ 995.00 + 12% 9,950 14,200 54,200 $ 1,420.00 + 12% 40,525 86,375 4,664.00 + 22% 40,525 54,200 86,350 6,220.00 + 22% 86,375 164,925 14,751.00 + 24% 86,375 86,350 164,900 13,293.00 + 24% 164,925 209,425 33,603.00 + 32% 164,925 164,900 209,400 32,145.00 + 32% 209,425 523,600 47,843.00 + 35% 209,425 209,400 523,600 46,385.00 + 35% 523,600 157,804.25 + 37% 523,600 523,600 156,355.00+ 37% Married filing jointly or Qualifying widow(er)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable income is: But not amount income is: But not Over- over The tax is: over Over over- The tax is: $ 0 $ 19,900 ........10% $ 0 $ 0 $ 9,950 .........10% 19,900 81,050 $ 1,990.00 + 12% 19,900 9,950 40,525 $ 995.00 + 12% 81,050 172,750 9,328.00 + 22% 81,050 40,525 86,375 4,664.00 + 22% 172,750 329,850 29,502.00 + 24% 172,750 86,375 164,925 14,751.00 +24% 329,850 418,850 67,206.00 + 32% 329,850 164,925 209,425 33,603.00 + 32% 418,850 628,300 95,686.00 + 35% 418,850 209,425 314,150 47,843.00 + 35% 628,300 168,993.50 + 37% 628,300 314,150 84,496.75 + 37% 86,350 164,900 209,400 523,600 of the amount over $ 0 9,950 40,525 86,375 164,925 209,425 314,150 Problem 3-47 (LO. 1, 3, 7) Terri, age 16, is a dependent of her parents. During 2021, Terri earned $5,000 in interest income and $3,000 from part-time jobs. Click here to access the 2021 tax rate schedule. a. What is Terri's taxable income? b. How much of Terri's income is taxed at her parent's rate? At her rate? c. Can the parental election be made? Why or why not? The parental election be made because Terri's income solely from interest and dividends