Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I provided the Tax rate schedule which needs to be used. Please answer what the Tax Liability would be asap. Chapter 8 Assignment Help Save

I provided the Tax rate schedule which needs to be used. Please answer what the Tax Liability would be asap.
image text in transcribed
image text in transcribed
image text in transcribed
Chapter 8 Assignment Help Save & E hely Check my won 13 LA Part 1 of 2 Required information The following information applies to the questions displayed below) In 2021. Carson is claimed as a dependent on his parents tax retum. 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? Use Tax Rate Schedule Dividends and Capital Gains Tax Rates for reference. Mense 5.88 points L4.1 P 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 References M Question 13 - Chapter 8 Assignment - Connect 2021 Tax Rate Schedules M https://ezto-cf-media.mheducation.com/Media/Connec... Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.950 10% of taxable income $ 9.950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40.525 $ 86,375 $ 164.925 $14.751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209.425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1.990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 $ 164,900 $13,293 plus 24% of the excess over $86,350 $164.900 $ 209,400 $32,145 plus 32% of the excess over $164,900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately The tax is: $ 172,750 $ 329,850 $ 418,850 $ 628,300 20 59,328 plus 22 of the excess over $1050 $ 129,850 29.502 plus 24% of the over $172.750 S418.850 567 206 plus 32 of the excess over $329,850 $ 628 300 595 686 plus 35% of the excess over $418 8SO $168.993 50 plus 37% of the excess over $628,300 Schedule Z-Head of Household Ir taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14.200 $ 54.200 $1420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 $164.900 S13,293 plus 249 of the excess over $86,350 $164.900 S 209 400 $32.145 plus 32% of the excess over $164.900 $ 209,400 S 523,600 $46,385 plus 35% of the excess over $209 400 $ 523.600 S156,355 plus 37 of the excess over $523.600 Schedule Y-2-Married Filing Separately Ir taxable income is over: Hut not over: The tax is: $ 0 $9.950 10% of taxable income $9.950 $ 40,525 995 plus 12% of the excess over $9.950 $ 40.525 $ 86,375 S4 664 plus 22% of the excess over $40 325 $ 86,375 $164.925 $14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33.603 plus 32% of the excess over $164.925 S 209 425 $314,150 $47,843 plus 35% of the excess over $209 425 $314.150 $84496.75 plus 37% of the excess over $314,150

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant Datar, Madhav Rajan

17th Global Edition

129236307X, 9781292363073

More Books

Students also viewed these Accounting questions