[The following information applies to the questions displayed below.]
In 2018, Carson is claimed as a dependent on his parent's 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. (Round your final answer to the nearest whole dollar amount.)
a. Carson is 17 years old at year-end and earned $15,725 from his summer job and part-time job after school. This was his only source of income.
Total tax liabilty=
Description |
Amount |
Explanation |
(1) Gross income/AGI |
15725 |
15725 in wages. All earned income |
(2) Standard deduction |
(12000) |
Greater of 1050 or (Earned income + 300) maximum upto 12000 |
(3) Taxable income |
3725 |
(1) + (2) |
Total tax |
373 |
3725*10% = 372.50 = 373 |
[The following information applies to the questions displayed below.] In 2018, Carson is claimed ...
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. a. Carson is 17 years old at year-end and earned $15,275 from his summer job and part-time job after...
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. a. Carson is 17 years old at year-end and earned $14,300 from his summer job and part-time job after...
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. a. Carson is 17 years old at year-end and earned $14,000 from his summer job and part-time job after...
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 year-end. He is a full-time student and earned $15,275 from his summer...
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 year-end. He is a full-time student and earned $15,275 from his summer...
Required information [The following information applies to the questions displayed below.] In 2018, Carson is claimed as a dependent on his parent's 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. (Round your final answer to the nearest whole dollar amount.) b. Carson is 23 years old at year-end. He...
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 $14,150 from his summer job and part-time job after school. This was his only source of income. (Round your final...
Required information Problem 8-52 (LO 8-1) [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. Problem 8-52 Part-b b. Carson is 23 years old at year-end. He is a full-time...
[The following information applies to the questions displayed below.] In 2020, Sean 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 Seans tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. a. Sean is 17 years old at year-end and earned $15,100 from his summer job...
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...