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.