! Required information (The following information applies to the questions displayed below.) In 2020, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $500,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, for reference. (Leave no answer blank. Enter zero if applicable.) b. She received $5,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 16 years old at year-end. Tax liability X This is a numeric cell, so please enter numbers only. c. She received $5,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student. Tax liability d. She received $5,000 of qualified dividend income. This is her only source of income. She is 16 years old at year-end. (Round your final answer to 2 decimal places.) Tax liability 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Head of Household 0% Married Filing Jointly $0 - $80,000 $80,001 - $496,600 $496,601+ Married Filing Separately $0 - $40,000 $40,001 - $248,300 $248,301+ Single $0 - $40,000 $40,001 - $441,450 $441,451+ Trusts and Estates $0 - $2,650 $2,651 - $13,150 $13,151+ $0 - $53,600 $53,601 - $469,050 $469,051+ 15% 20% *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)
