In 2019, Carson is claimed as a dependent on his parents' tax
return. Carson's parents provided most of his support.
What is Carson's tax liability for the year in each of the
following alternative circumstances? Use Tax Rate Schedule,
Dividends and Capital Gains Tax Rates, Estates and Trusts for
reference.
a. Carson is 17 years old at year-end and earned $14,000 from his summer job and part-time job after school. This was his only source of income.
Tax Liability = ?
b. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income.
Tax Liability = ?
a.) | Carson earnings | $14000 |
(-) Standard deduction | $12000 | |
Taxable income | $2000 | |
Tax liability | $200 | |
(2000*10/100) | ||
b.) | Carson earnings | $14000 |
Qualified dividend income | $5000 | |
Gross income | $19000 | |
(-) Standard deduction | $12000 | |
Taxable income | $7000 | |
Taxable income taxed at carson rate | $2000 | |
($7000 - $5000) | ||
Ordinary Tax | $200 | |
($2000*10/100) | ||
Kiddie Tax | ||
Gross unearned income | ||
unearned income | $5000 | |
Kiddie tax up to 2600 | $260 | |
Kiddie tax for over and above 2600 | $576 | |
(2400*24/100) | ||
$836 | ||
Total tax liability ($200+$836) | $1036 |
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided...
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200...
Lacy is a single taxpayer. In 2019, her taxable income is
$40,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her
employer.
Tax liability = ?
b. Her $40,000 of taxable income includes
$1,000 of qualified dividends.
Tax liability = ?
c. Her $40,000...
Required information [The following information applies to the questions displayed below.] In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. b. Carson is 23 years old at yoar-end. He is a full-time student and earned $15,725 from his summer...
Required information The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Her $42.900 of taxable income includes $6,600 of qualified dividends. Tax lability Tax Rates for Net Capital...
Required information [The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $42.900 of taxable income includes $7,300 of qualified dividends. Tax Baby Estates and Trusts If taxable...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
In 2019, Lisa and Fred, a married couple, had taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ ...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
Computation of Kiddie Tax In 2019, Simon, age 12, has interest income of $900 and dividend income of $4,000. He has no investment expenses. Determine Simon's net unearned income and total tax liability. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. Net unearned income is $ 2,700 v. Simon's total tax is ......... 10% 2019 Tax Rate Schedules Single-Schedule X Head of...