In 2021, Sheryl is claimed as a dependent on her parents tax return. Her parents...

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Accounting

In 2021, Sheryl is claimed as a dependent on her parents tax return. Her parents report taxable income of $500,000(married filing jointly at a marginal tax rate of 35%). Sheryl did not provide more than half her own support. She received $7,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 16 years old at year-end. What is Sheryls tax liability for the year?

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