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 $5,300 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 ability CXCESS $ 80,00 $171,050 $326,600 $414,700 $622,050 plus 22% 01 $326,600 $29,211 plus 24% of the excess over $171,050 $414,700 $66,543 plus 32% of the excess over $326,600 $622,050 $94.735 plus 35% of the excess over $414,700 $167,307.50 plus 37% of the excess over $622,050 edule Z-Head of Household caxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 S 9.875 10% of taxable income $ 9,875 $ 40,125 S987 50 plus 12% of the excess over $9.875 $ 40,123 S 85,525 S4,617 50 plus 22% of the excess over $40,125 S 85.525 $163.300 S14,605 50 plus 24% of the excess over $85,525 S163,300 $207,350 S33,271.50 plus 32 of the excess over $163,300 S207 350 S311,025 S47,367.50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37 of the excess over $311,025 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14,605,50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271 50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $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 $ 19.750 109. of taxable income $ 19,750 S 80,250 $1.975 plus 12% of the excess over $19.750 S 80,250 $171.050 59.235 plus 22% of the excess over $80.250 S171,050 S326,600 $29.211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32 of the excess over $326,600 5414,700 $622,050 S94.735 plus 35 of the excess over $414,700 $622,050 S167,307.50 plus 37% of the excess over $622.050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 14,100 10 of taxable income $. 14.100 S 53.700 SIS+10 plus 129 of the excess over $14.100 5.35,700 5 $5,300 $6.162 plus 22% of the excess over $53.700 S 8.500 S163 300 $13,158 plus 24 of the excess over $85.500 S Type here to search Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0-$80,000 SO - $40,000 $0-$40,000 $0 $53,600 SO - $2,650 15% $80,001 - $196,600 $40,001 - $248,300 $40,001 - $441,450 $53,601 - $469.050 $2,651 - $13,150 20% $496,601+ $248 301+ $441,451+ $469,051+ $13,151+ "This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table mat capital gains and qualified a income last for this purpose HR Pyne here to search o 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 $5,300 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 ability CXCESS $ 80,00 $171,050 $326,600 $414,700 $622,050 plus 22% 01 $326,600 $29,211 plus 24% of the excess over $171,050 $414,700 $66,543 plus 32% of the excess over $326,600 $622,050 $94.735 plus 35% of the excess over $414,700 $167,307.50 plus 37% of the excess over $622,050 edule Z-Head of Household caxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 S 9.875 10% of taxable income $ 9,875 $ 40,125 S987 50 plus 12% of the excess over $9.875 $ 40,123 S 85,525 S4,617 50 plus 22% of the excess over $40,125 S 85.525 $163.300 S14,605 50 plus 24% of the excess over $85,525 S163,300 $207,350 S33,271.50 plus 32 of the excess over $163,300 S207 350 S311,025 S47,367.50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37 of the excess over $311,025 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14,605,50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271 50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $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 $ 19.750 109. of taxable income $ 19,750 S 80,250 $1.975 plus 12% of the excess over $19.750 S 80,250 $171.050 59.235 plus 22% of the excess over $80.250 S171,050 S326,600 $29.211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32 of the excess over $326,600 5414,700 $622,050 S94.735 plus 35 of the excess over $414,700 $622,050 S167,307.50 plus 37% of the excess over $622.050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 14,100 10 of taxable income $. 14.100 S 53.700 SIS+10 plus 129 of the excess over $14.100 5.35,700 5 $5,300 $6.162 plus 22% of the excess over $53.700 S 8.500 S163 300 $13,158 plus 24 of the excess over $85.500 S Type here to search Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0-$80,000 SO - $40,000 $0-$40,000 $0 $53,600 SO - $2,650 15% $80,001 - $196,600 $40,001 - $248,300 $40,001 - $441,450 $53,601 - $469.050 $2,651 - $13,150 20% $496,601+ $248 301+ $441,451+ $469,051+ $13,151+ "This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table mat capital gains and qualified a income last for this purpose HR Pyne here to search o