Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is

In 2019, 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 $7,000 from a part-time job. This was her only source of income. She is 16 years old at year-end.

b. She received $7,000 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.

c. She received $7,000 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. (Do not round intermediate calculations.)

d. She received $7,000 of qualified dividend income. This is her only source of income. She is 16 years old at year-end. (Round your final answer to 2 decimal places.)


2019 Tax Rate Schedules Individuals Schedule X-Single Schedule Z-Head of Household If taxable income But not over: If taxable

Tax Rates for Net Capital Gains and Qualifled Dividends Rate* Taxable Income Married Filing Married Filing Head of Single Tru

Estates and Trusts If taxable But not The tax is: income is over: over: 2,600 10% of taxable $ 0 income 9,300 $260 plus 24% o


 
 

2019 Tax Rate Schedules Individuals Schedule X-Single Schedule Z-Head of Household If taxable income But not over: The tax is: If taxable income is But not over: The tax is: is over: over: 2$ $ 9,700 10% of taxable income 2$ S 13,850 10% of taxable income 9,700 $ 39,475 $970 plus 12% of $ 13,850 S 52.850 $1,385 plus 12% of the excess over $9,700 the excess over $13,850 $ 39,475 $ 84,200 $4,543 plus 22% of $ 52,850 S$ $4,200 $6,065 plus 22% of the excess over the excess over $39,475 $52,850 S 84,200 $160,725 $14,382.50 plus 24% $ 84,200 S160,700 S12,962 plus 24% of of the excess over the excess over $84,200 $84,200 $160,725 $204,100 $32,748.50 plus 32% $160,700 S204,100 $31,322 plus 32% of of the excess over the excess over S160,725 S160,700 $204,100 $510,300 S46,628.50 plus 35% $204,100 S510,300 $45,210 plus 35% of of the excess over the excess over $204,100 S204,100 S510,300 $153,798.50 plus 37% $510,300 $152,380 plus 37% of of the excess over the excess over $510,300 S510,300 Schedule Y-1-Marrled Filing Jolntly or Qualifying Schedule Y-2-Marrled Filing Separately Widow(er) If taxable income But not over: The tax is: If taxable income is But not over: The tax is: is over: over: $ 19.400 10% of taxable income 2$ 9,700 10% of taxable income $ 19.400 $ 78,950 $1,940 plus 12% of 2$ 9,700 $ 39,475 $970 plus 12% of the the excess over excess over $9,700 $19,400 S 78,950 S168,400 $9.086 plus 22% of $ 39,475 S 84.200 $4,543 plus 22% of the excess over the excess over $78.950 S39,475 $168,400 S321,450 $28,765 plus 24% of $ 84,200 $14.382.50 plus 24% of the excess over $160,725 the excess over $168,400 S84,200 $321,450 S408,250 $65,497 plus 32% of $160,725 $204,100 $32,748.50 plus 32% the excess over of the excess over $321,450 S160,725 $408.250 S612.350 $93,257 plus 35% of $204,100 $306,175 S46,628.50 plus 35% the excess over of the excess over $408,250 $204,100 $612,350 S164,709.50 plus 37% $306,175 S82.354.75 plus 37% of the excess over of the excess over $612.350 S306,175

Step by Step Solution

3.49 Rating (146 Votes )

There are 3 Steps involved in it

Step: 1

Part A Description Amount Explanation 1Gross incomeAGI 7000 7000 in wages All earned income 2Standard deduction for dependent on another tax return 73... 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

Step: 3

blur-text-image

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

Essentials Of Federal Taxation 2018

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

9th Edition

1260007642, 978-1260150292, 1260150291, 978-1260007640

More Books

Students also viewed these Accounting questions

Question

M=5

Answered: 1 week ago