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! Required information [The following information applies to the questions displayed below.] In 2019, Sheryl is claimed as a dependent on her parents' tax return.
! Required information [The following information applies to the questions displayed below.] In 2019, Sheryl is claimed as a dependent on her parents' tax return. 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, Estates and Trusts for reference. (Leave no answer blank. Enter zero if applicable.) a. She received $5,300 from a part-time job. This was her only source of income. She is 16 years old at year-end. Answer is complete but not entirely correct. Tax liability $ 850 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Head of Household 0% Married Filing Jointly $0 - $78,750 $78,751 - $488,850 $488,851+ Married Filing Separately $0 - $39,375 $39,376 - $244,425 $244,426+ Single $0-$39,375 $39,376 - $434,550 $434,551+ Trusts and Estates $0-$2,650 $2,651 - $12,950 $12,951+ $0 - $52,750 $52,751 - $461,700 $461,701+ 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 Estates and Trusts If taxable income is over: But not over: The tax is: $ 0 $ 2,600 $ 9,300 $12,750 $ 2,600 $ 9,300 $12,750 10% of taxable income $260 plus 24% of the excess over $2,600 $1,868 plus 35% of the excess over $9,300 $3,075.50 plus 37% of the excess over $12,750
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