Ray and Tessa are married, file jointly, and have $600,000 of taxable income. They transfer ownership of corporate bonds to Peggy, their single daughter. There is $12,500 of interest on the corporate bonds in the current year. (Assume the current tax year is 2021.) (Click the icon to view the standard deduction amounts.) (Click the icon to view the tax rate schedule for the Single filing status.) (Click the icon to view the tax rate schedule for the Married filing jointly filing status.) Read the requirements. wwwww Requirement a. Determine the amount of tax the family saves in the current year because Peggy owns the bonds rather than Ray and Tessa. Assume Peggy claims the standard deduction. Peg is age 12 and a dependent of her parents. Her only gross income is the $12,500 of interest Begin by computing the amount that Ray and Tessa would pay in tax if they owned the bonds. Ray and Tessa's tax if reporting the interest income would be Now compute the tax that Peggy owes on the interest income. Peggy's total income tax if reporting the interest income is Finally, determine the amount of tax the family saves in the current year because Peggy owns the bonds rather than Ray and Tessa. The amount of tax the family saves because Peggy owns the bonds rather than Ray and Tessa is Requirement b. Determine the amount of tax the family saves in the current year because Peggy owns the bonds rather than Ray and Tessa. Assume Peggy claims the standard deduction. Peggy is age 25 and not a dependent of her parents. Her gross income is comprised of the $12,500 of interest and $38,000 of wages. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) If Peggy were age 25, her tax would be computed using the tax rate schedule for Peggy would use this tax rate schedule because the kiddie tax If Peggy owned the bonds, her income tax would increase by The amount of tax the family saves because Peggy owns the bonds rather than Ray and Tessa is