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Candace is claimed as a dependent on her parent's tax return (assume her parents have...

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Accounting

Candace is claimed as a dependent on her parent's tax return (assume her parents have a 24% marginal tax rate). In 2023, Candace received $5,000 of interest income from corporate bonds she obtained several years ago. This is her only source of income. She is 15 years old at year-end. What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction.)*For individuals claimed as a dependent on another return, the 2023 standard deduction is the greater of (1) $1,250 or (2) $400 plus earned income not to exceed the standard deduction
amount of those who are not dependents.
EXHIBIT 6-11 Standard Deduction Amounts*
amount of those who are not dependents.
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