Ralph and Tina are married, file jointly, and have $500,000 of taxable income. They transfer ownership of corporate bonds to Pam, their single daughter. There is $14,000 of interest on the corporate bonds in the current vear. (Assume the current tax vear is 2022.) Requirement a. Determine the amount of tax the family saves in the current year because Pam owns the bonds rather than Ralph and Tina. Assume Pam claims the standard deduction. Pam is age 12 and a dependent of her parents. Her only gross income is the $14,000 of interest. Begin by computing the amount that Ralph and Tina would pay in tax if they owned the bonds. Ralph and Tina's tax if reporting the interest income: Now compute the tax that Pam owes on the interest income. Pam's total income tax if reporting the interest income: Finally, determine the amount of tax the family saves in the current year because Pam owns the bonds rather than Ralph and Tina. Tax savings for the family if Pam owns the bonds rather than Ralph and Tina: Requirement b. Determine the amount of tax the family saves in the current year because Pam owns the bonds rather than Ralph and Tina. Assume Pam claims the standard deduction. Pam is age 25 and not a dependent of her parents. Her gross income is comprised of the $14,000 of interest and $35,000 of wages. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Tax rate schedule used to compute tax if Pam was 25 years old: Does the kiddie tax apply? ncrease in income tax if Pam owned the bonds: Cax savings for the family if Pam owns the bonds rather than Ralph and Tina