Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help Ches 2 Required information {The following information applies to the questions displayed below.) In 2019, Carson is claimed as a dependent on his

please help
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Ches 2 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. ed 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. (Do not round intermediate calculations. Round your answer to 2 decimal places.) nces Tax liability 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168,400 $321.450 $28,765 plus 24% of the excess over $168.400 $321.450 $408,200 565,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 13,850 $ 13,850 $ 52,850 $ 52,850 $ 84,200 The tax is: 10% of taxable income $1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0 - $78,750 SO - $39,375 $0-$39,375 50 - $52,750 $0-$2,650 $78,751 - $488,850 $39,376 - $244 425 $39,376 - $434,550 $52,751 - $461,700 $2,651 - $12.950 20% $488,851+ $244.426+ $434,551+ $461,701+ $12.951+ *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 income last for this purpose). 15% If taxable income is over: $ 0 But not over: $ 2,600 $ 9,300 $12,750 $ 2,600 $ 9,300 $12,750 The tax is: 10% of taxable income $260 plus 24% of the excess over $2,600 $1,868 plus 35% of the excess over $9,300 $3,075.50 plus 37% of the excess over $12,750

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

Recommended Textbook for

A Compilation Of University Level Assignments Marketing Audit Approach

Authors: Emeka Anyaduba

1st Edition

1475098057, 978-1475098051

More Books

Students also viewed these Accounting questions

Question

=+a) How many degrees of freedom does the t-statistic have?

Answered: 1 week ago