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Answers for B. and C. are wrong Required Information Part 1 of 4 (The following information applies to the questions displayed below.] In 2018, Sheryl
Answers for B. and C. are wrong
Required Information Part 1 of 4 (The following information applies to the questions displayed below.] 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.) 64 Doints eBook a. She received $6,100 from a part-time job. This was her only source of income. She Is 16 years old at year-end. Print Tax liability S 0 References b. She recelved $6,100 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 S 603 c. She received $6,100 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 S 603 d. She received $6,100 of qualified dividend Income. This is her only source of income. She is 16 years old at year-end. Tax liability s o Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: S 0 $ 19,050 S 19,050 $ 77,400 S 77,400 $165,000 $165,000 $315,000 $315,000 $400,000 $400,000 $600,000 S600,000 The tax is: 10% of taxable income $1,905 plus 12% of the excess over $19,050 $8,907 plus 22% of the excess over $77,400 $28,179 plus 24% of the excess over $165,000 $64,179 plus 32% of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $161,379 plus 37% of the excess over $600,000 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 S 13,600 10% of taxable income S 13,600 $ 51,800 $1,360 plus 12% of the excess over $13,600 $ 51,800 $ 82,500 $5,944 plus 22% of the excess over $51,800 S 82,500 $157,500 $12,698 plus 24% of the excess over $82,500 $157,500 $200,000 $30,698 plus 32% of the excess over $157,500 $200,000 $500,000 $44,298 plus 35% of the excess over $200,000 $500,000 $149,298 plus 37% of the excess over $500,000 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: S 0 S 9,525 10% of taxable income S 9,525 $ 38,700 $952.50 plus 12% of the excess over $9,525 S 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 S 82,500 $157,500 $14,089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32,089.50 plus 32% of the excess over $157,500 $200,000 $300,000 $45,689.50 plus 35% of the excess over $200,000 $300,000 $80,689.50 plus 37% of the excess over $300,000 Estates and Trusts If taxable income is over: But not over: The tax is: $ 0 $ 2,550 $ 9,150 $ 2,550 $ 9,150 10% of taxable income $255 plus 24% of the excess over $2,550 $1,839 plus 35% of the excess over $9,150 $3,011.50 plus 37% of the excess over $12,500 $12,500 $12,500 Tax Rates for Net Capital Gains and Qualified Dividends Rate* 0% Married Filing Jointly SO - $77,200 $77,201 - $479,000 $479,000+ Married Filing Separately SO - $38,600 $38,601 - $239,500 $239,500+ Taxable Income Single SO - $38,600 $38,601 - $425,800 $425,801+ Head of Household SO - $51,700 $51,701 - $452,400 $452,401+ Trusts and Estates SO - $2,600 $2,601 - $12,700 $12,701+ 15% 20% *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)Step by Step Solution
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