Tax Accounting

In 2021, Jack, age 12, has interest income of $5,220 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $82,250 and file a joint return. Assume that no parental election is made Click here to access the 2021 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is