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Larry and Emily are a married couple who file jointly. They have three dependent children who are ful-time students in 2018. Larry and Emily provided $11,500 of support for each child. Information for each child is as follows: 囲(Click the icon to view the information.) Read the requirement. Wages Interest income Adjusted gross income Minus: 3,300 2,700 6,000 Standard deduction (3,650) 2,350 Taxable income Now compute the net unearned income for Olivia. Minus Net unearned incomeRequirement Compute each childs tax, assuming the interest income is taxable. (Assume that none of the children provide any of their own support)STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind 24,000 18,000 12,000 12,000 Individual who is married and surviving spouses Individual who is unmarried and not a surviving spouse ,300 ,600 Taxpayer claimed as dependent on another taxpayers return: Greater of (1) eaned income plus $350 or (2) $1,050. These amounts are $2,600 and $3,200, respectively, for a taxpayer who is both aged and blind.Single Reference If taxable income is The tax is 10% of taxable income $952.50 + 12% of the excess over $9,525. s4.453.50 + 22% ofthe excess over $38,700. Not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over S82,500 but not over $157,500 . . . . $14,089.50 + 24% of the excess over $82,500. Over S 157,500 but not over S200,000 . . . s32089.50 + 32% of the excess over $157,500. Over $200,000 but not over $500,000 . . . S45,689.50 + 35% of the excess over $200,000. Over $500,000 Childs tax rate brackets: 10% tax rate: Portion of taxable income not over ETI plus $2.550 24% tax rate: Portion of taxable income over ETI plus $2.550 but not over ETI plus S9.150 35% tax rate: Portion of taxable come over ETI plus $9,150 but not over ETI pus S1 2,500 37% tax rate: Portion of taxable income over ETI plus S 12,500 $150,689.50 + 37% of the excess over $500,000. PrintDone

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Answer #1

Page No To ta ton S&I Total Tax he eack hild 2.55+ 28aP Total TaxThe standard deduction for unearned income is $2100 for year 2018.

the support from parents is provided for $11500 for each child is also a part of unearned income.dild1 Child 2 clilB 11500 2700 $14200 Standaid 2100 12 100 142a0 2l00 12.1 2la0 de dluchon 2 loo

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