Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2022, 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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
In 2022, 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? Use Tax Rate Schedule. OMidends and Capital Gains Tax Rates for reference. Required: 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. b. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income. x Answer is not complete. Complete this question by entering your answers in the tabs below. b. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time also received $5,000 of qualified dividend income. Answer is not complete. Complete this question by entering your answers in the tabs below. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income. Tax Ratec for Net Capital Gains and Qualified Dividends income last for thir pirfosed 2022 Tax Rate Schedules Individuals Kehadulo X Sinala Sehedule Yal Married Filine Jointlv or Oualifving Widow(er) Schedule Z-Head of Household \begin{tabular}{|c|c|c|c|} \hline If taxable income is over: But not over: & The tax is: \\ \hline$5 & $14,650 & 10% of taxable income \\ \hline$14,650 & $55,900 & $1,465 plus 12% of the exceas over $14,650 \\ \hline$55,900 & $89,050 & $6,415 plus 22% of the excess over $55,900 \\ \hline$89,050 & $170,050 & $13,708 plus 24% of the excess over $89,050 \\ \hline$170,050 & $215,950 & $33,148 plus 32% of the excess over $170,050 \\ \hline$215,950 & $539,900 & $47,836 plus 35% of the excess over $215,950 \\ \hline$539,900 & & $161,218.50 plus 37% of the excess over $539.900 \\ \hline \end{tabular} Schedule Y-2-Married Filing Separately

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

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

Students also viewed these Accounting questions

Question

Design a job advertisement.

Answered: 1 week ago