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Homework Answers
Answer:
$372.5
Explanation:
Step - ( 1 ) - Information Given -
- In 2019, Carson is claimed as a dependent on his parents' tax return.
- Carson is 23 years old at year-end.
- He is a full time student and earned $15,725 from his summer internship and part- time job.
- He also received $5,740 of qualified dividend income.
.
Step - ( 2 ) - Calculation of Carson's Adjusted Gross Income and Taxable Income -
Tax filing status - Single
| Particulars | Remarks / Calculations | Amount in ( $ ) |
| Income from summer internship and part- time job | Given in question | 15,725 |
| Add - Qualified dividend income | Given in question | 5,740 |
| Adjusted Gross Income | 21,465 | |
| Less - Standard Deduction ( as per federal income tax rules ) | -12,000 | |
| Total Taxable Income | 9,465 |
Step - ( 3 ) - Calculation of Carson's Tax liability on Ordinary taxable income -
Ordinary taxable income = Total Taxable Income - Qualified dividend income
= $9,465 - $5,740
= $3,725
| Tax rate | Taxable income | Calculations | Amount |
| 10% | $0-9,700 | $3,725 × 10% | 372.5 |
| Carson's Tax liability | 372.5 |
Note -
As per Federal income tax rules, the tax rate on qualified dividends for investors that have ordinary income taxed at 10% or 12% is 0%.
So, Qualified dividend income of $5,740 is not taxable, because Carson's ordinary taxable income is taxed at 10%.
Therefore, Carson's Total Tax liability = $372.5 [ refer step - (3) ].
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