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total income tax liability Callie is the 11-year-old dependent of the Sanders. This year, Callie filed a Form 1040 on which the only item of
total income tax liability
Callie is the 11-year-old dependent of the Sanders. This year, Callie filed a Form 1040 on which the only item of gross income was $10,557 interest from an investment bond portfolio that Callie inherited from a relative. Assume the Sanders are subject to a 24 percent marginal tax rate. Required: Compute Callie's income tax. Assume the taxable year is 2023. Use Individual Tax Rate Schedule. Note: Round your intermediate calculations and final answer to the nearest whole, dollar amount. Individual Tax Rate Schedules \begin{tabular}{|l|l|} \hline Over $462,500 but not over $693,750 & $105,664.00+35% of excess over $462,500 \\ \hline Over $693,750 & $186,601.50+37% of excess over $693,750 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Married Filing Separately } \\ \hline If taxable income is & The tax is \\ \hline Not over $11,000 & 10% of taxable income \\ \hline Over $11,000 but not over $44,725 & $1,100.00+12% of excess over $11,000 \\ \hline Over $44,725 but not over $95,375 & $5,147.00+22% of excess over $44,725 \\ \hline Over $95,375 but not over $182,100 & $16,290.00+24% of excess over $95,375 \\ \hline Over $182,100 but not over $231,250 & $37,104.00+32% of excess over $182,100 \\ \hline Over $231,250 but not over $346,875 & $52,832.00+35% of excess over $231,250 \\ \hline Over $346,875 & $93,300.75+37% of excess over $346,875 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Head of Household } \\ \hline If taxable income is & The tax is \\ \hline Not over $15,700 & 10% of taxable income \\ \hline Over $15,700 but not over $59,850 & $1,570.00+12% of excess over $15,700 \\ \hline Over $59,850 but not over $95,350 & $6,868.00+22% of excess over $59,850 \\ \hline Over $95,350 but not over $182,100 & $14,678.00+24% of excess over $95,350 \\ \hline Over $182,100 but not over $231,250 & $35,498.00+32% of excess over $182,100 \\ \hline Over $231,250 but not over $578,100 & $51,226.00+35% of excess over $231,250 \\ \hline Over $578,100 & $172,623.50+37% of excess over $578,100 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & \multicolumn{1}{|l|}{ Single } \\ \hline If taxable income is & The tax is \\ \hline Not over $11,000 & 10% of taxable income \\ \hline Over $11,000 but not over $44,725 & $1,100.00+12% of excess over $11,000 \\ \hline Over $44,725 but not over $95,375 & $5,147.00+22% of excess over $44,725 \\ \hline Over $95,375 but not over $182,100 & $16,290.00+24% of excess over $95,375 \\ \hline Over $182,100 but not over $231,250 & $37,104.00+32% of excess over $1$2,100 \\ \hline Over $231,250 but not over $578,125 & $52,832.00+35% of excess over $231,250 \\ \hline Over $578,125 & $174,238.25+37% of excess over $578,125 \\ \hline \end{tabular} Step by Step Solution
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