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! Required information [The following information applies to the questions displayed below.] In 2021, Sheryl is claimed as a dependent on her parents' tax return.
! Required information [The following information applies to the questions displayed below.] In 2021, 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.) d. She received $7,000 of qualified dividend income. This is her only source of income. She is 16 years old at year-end. Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Married Filing Jointly Single Head of Household Trusts and Estates Rate* 0% Married Filing Separately $0 - $40,400 $40,401 - $250,800 $250,801+ $0 - $80,800 $80,801 - $501,600 $501,601+ 15% 20% $0 - $40,400 $40,401 - $445,850 $445,851+ $0-$54,100 $54,101 - $473,750 $473,751+ $0-$2,700 $2,701 - $13,250 $13,251+ *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)
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