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Calculate the amount of gwen parental tax

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Reference no: EM131700830

Question - Betty and Steve have a 4 year old child, Gwen. for 2016, Betty and Steve file married filing Jointly and have taxable income of $ 150,000 . Gwen has interest income of $ 10,000 from a bond portfolio her grandfather gave her and no investment expenses. no election is made to include Gwen's income on Betty and Steve return .

a) For purpose of parental tax, Calculate Gwen's net income.

b) Calculate the amount of Gwen's parental tax.

c) Calculate Gwen's total tax for 2016.

Reference no: EM131700830

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