Question

The following information applies to the questions displayed below.] In 2019, Sheryl is claimed as a dependent on her parents' tax return. 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, Estates and Trusts for reference. (Leave no answer blank. Enter zero if applicable.) rev: 02_29_2020_QC_CS-202942 Problem 8-51 Part-d d. She received $6,200 of qualified dividend income. This is her only source of income. She is 16 years old at year-end. (Round your final answer to 2 decimal places.)

ask the tax liability is how much?

Answer 1

1	Gross income	6200
2	minimum deduction	1100
3	$350 plus earned income	350
4	Greater of 1100 and 350	(1100)
5	Taxable income 6200-1100	5100
6	Gross income -$2200= (6200-2200)	4000
7	Lessor 5100 or 4000
8	Net Unearned income	4000
9	kiddle tax on 4000
10	(0-2600=10%) +(4000-2600=1400*24%)	596
11	Taxable income taxed at shrelys tax rate	1100
12	Sheryl's tax rate 10% (1100*10%)	110
13	Total tax 596+110	706

Child’s Net Earned Income + Child’s Net Unearned Income – Child’s Standard Deduction = Child’s Taxable Income

The first $1,100 of a child’s unearned income is tax-free, and the next $1,100 is subject to the child’s tax rate. Any additional earnings above $2,200 are taxed at the child's parents' marginal tax rate.

For 2019, the standard is the greater of: (1) $1,100 or (2) earned income + $350, not to exceed