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Two parts (a and b) ! Required information [The following information applies to the questions displayed below.) In 2021. Carson is claimed as a dependent
Two parts (a and b)
! Required information [The following information applies to the questions displayed below.) In 2021. 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. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. Carson is 17 years old at year-end and earned $15,575 from his summer job and part-time job after school. This was his only source of income. Tax liability 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9.950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19.900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 $164,900 $13,293 plus 24% of the excess over $86,350 $ 164,900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: DORO 11 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19.900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172.750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168,993,50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 $164,900 $13,293 plus 24% of the excess over $86,350 $164,900 $ 209,400 $32,145 plus 32% of the excess over $164,900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 | $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9.950 $ 40,525 $995 plus 12% of the excess over $ 9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 314,150 $47,843 plus 35% of the excess over $209,425 $ 314,150 $84,496.75 plus 37% of the excess over $314,150 Tax Rates for Net Capital Gains and Owalified den The Income Hale Married Filing Joint Marriet Viling Separately Single Head of Household Trand Est 0% 50 000 50.5-10.400 50-50 400 30.554.100 50-52.700 153 30.01 $301.600 540 401 - 5250 51001 - 545.650 554,101 5473.750 52,70113250 2011 $50.00 5250 NOI 54585E+ 5473.351 511251 The weather and qualified that fall within the profete cum Apotheke One call and added are include in Income for this ow) 0 Required information The following information applies to the questions displayed below) In 2021, 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. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Carson is 23 years old at year-end. He is a full-time student and earned $15,575 from his summer internship and part-time job. He also received $5,820 of qualified dividend income. Tax ability Step by Step Solution
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