In 2018, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support.
What is Sheryl'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. (Leave no answer blank. Enter zero if applicable.)
a. She received $5,500 from a part-time job. This was her only source of income. She is 16 years old at year-end.
Tax liability |
b. She received $5,500 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.
Tax liability |
c. She received $5,500 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student.
Tax liability |
d. She received $5,500 of qualified dividend income. This is her only source of income. She is 16 years old at year-end.
Tax liability |
In 2018, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $9,500 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,000. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for...
[The following information applies to the questions displayed below.] Jeremy earned $100,900 in salary and $6,900 in interest income during the year. Jeremy’s employer withheld $11,200 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $26,700 in itemized deductions. (Use the tax rate schedules.) rev: 07_06_2018_QC_CS-130826 b. Assume that in addition to the original facts, Jeremy has a long-term...
Jeremy earned $100,900 in salary and $6,900 in interest income during the year. Jeremy’s employer withheld $11,200 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $26,700 in itemized deductions. (Use the tax rate schedules.) rev: 07_06_2018_QC_CS-130826 c. Assume the original facts except that Jeremy had only $7,000 in itemized deductions. What is Jeremy’s tax refund or tax due?...
In 2020, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $500,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? a. She received $7,100 from a part-time job. This was her only source of income. She is 16 years old at year-end. b. She received $7,100 of interest income from corporate bonds...
Lacy is a single taxpayer. In 2018, her taxable income is $46,800. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tax liability:$____________ b. Her $46,800 of taxable income includes $1,400 of qualified dividends. Tax liability:$____________ c. Her $46,800 of...
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 =...
In 2020, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married filing jointly). Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? b. Carson is 23 years old at year-end. He is a full-time student and earned $14,300 from his summer internship and part-time job. He also received $5,300 of qualified dividend income. (Do not round intermediate...
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...
Required Information [The following information applies to the questions displayed below.] Part 1 of 3 Lacy is a single taxpayer. In 2018, her taxable income is $43,600. 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. Tax liability b. Her...
In 2018, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl'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. (Leave no answer blank. Enter zero if applicable.) a. She received $6,700 of interest income from corporate bonds she received several years ago. This is her only...