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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
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. a. Carson is 17 years old at year-end and earned $15,875 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 b. Carson Is 23 years old at year-end. He is a full-time student and earned $15,875 from his : summer internship and part-time job. He also received $5,660 of qualified dividend Income. (Do not round Intermediate calculations. Round your final answer to 1 decimal place.) 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 5970 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 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 $0-$39,375 $0 - $39.375 $0 - $52.750 $0-$2,650 15% $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 dividends are included in taxable income last for this purpose). Estates and Trusts The tax is: If taxable income is over: $ 0 $ 2,600 $ 9,300 $12,750 But not over: $ 2,600 S 9,300 $12.750 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
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