In 2022, Jack, age 12, has interest income of $7,860 on funds he inherited from...
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Accounting
In 2022, Jack, age 12, has interest income of $7,860 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 2022 tax rate schedule. If required, round the tax computations to the nearest dollar.
Jack's net unearned income is $5,560
Jack's allocable parental tax is ________
Jack's total tax is _______
2022 Tax Rate Schedules
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