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please show all mathematical work, details. Required information Problem 8-51 (LO 8-1) (Algo) (The following information applies to the questions displayed below.) In 2020, Sheryl
please show all mathematical work, details.
Required information Problem 8-51 (LO 8-1) (Algo) (The following information applies to the questions displayed below.) In 2020, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $500,000 (married filing jointly). 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, for reference. (Leave no answer blank. Enter zero if applicable.) Problem 8-51 Part-c (Algo) c. She received $5,500 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 Required information Problem 8-52 (LO 8-1) (Algo) [The following information applies to the questions displayed below.) In 2020, 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, Dividends and Capital Gains Tax Rates for reference. Problem 8-52 Part-a (Algo) a. Carson is 17 years old at year-end and earned $14,200 from his summer job and part-time job after school. This was his only source of income. (Round your final answer to the nearest whole dollar amount.) Tax liability Required information Problem 8-52 (LO 8-1) (Algo) (The following information applies to the questions displayed below.) In 2020, 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, Dividends and Capital Gains Tax Rates for reference. Problem 8-52 Part-b (Algo) b. Carson is 23 years old at year-end. He is a full-time student and earned $14,200 from his summer internship and part-time job. He also received $5,200 of qualified dividend income. (Do not round intermediate calculations. Round your final answer to 1 decimal place.) Tax liabilityStep by Step Solution
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