90.2K

Verified Solution

Link Copied!

$!$

Required information

$[The$ following information applies $to$ the questions displayed below.$]$

$In2024,$ Carson $is$ claimed $as$ a dependent $on$ his parents' tax return. His parents report taxable income $of\frac{?}{?}$$$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.

$b.$ Carson $is23$ years old $at$ year$-$end. $Heis$ a full$-$time student and earned $\frac{?}{(\frac{?}{?}\text{\$}15,000\frac{?}{?})}$ from his summer internship and part$-$time job. $He$ also received $\frac{?}{(\frac{?}{?}\text{\$}5,000\frac{?}{?})}of$ qualified dividend income.

$2024$ Tax Rate Schedules

Individuals

Schedule $X-$Single

$\begin{array}{cc}If\text{t}\text{a}\text{x}\text{a}\text{b}\text{l}\text{e}\text{i}\text{n}\text{c}\text{o}\text{m}\text{e}is\text{o}\text{v}\text{e}\text{r}\text{:}& \text{B}\text{u}\text{t}\text{n}\text{o}\text{t}\text{o}\text{v}\text{e}\text{r}\text{:}\\ \text{T}\text{h}\text{e}\text{t}\text{a}\text{x}is\text{:}& ?\\ ?& ?\\ ?& \text{\$}0\\ \text{\$}11& 600\\ 10\%of\text{t}\text{a}\text{x}\text{a}\text{b}\text{l}\text{e}\text{i}\text{n}\text{c}\text{o}\text{m}\text{e}& ?\\ ?& ?\\ \text{\$}11& 600\\ \text{\$}47& 150\\ \text{\$}1& 160\text{p}\text{l}\text{u}\text{s}12\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}11\\ 600& \text{\$}47\\ 150& \text{\$}100\\ 525& \text{\$}5\\ 426\text{p}\text{l}\text{u}\text{s}22\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}47& 150\\ \text{\$}100& 525\\ \text{\$}191& 950\\ \text{\$}17& 168\mathrm{.}50\text{p}\text{l}\text{u}\text{s}24\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}100\\ 525& \text{\$}191\\ 950& \text{\$}243\\ 725& \text{\$}39\\ 110\mathrm{.}50\text{p}\text{l}\text{u}\text{s}32\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}191& 950\\ \text{\$}243& 725\\ \text{\$}609& 350\\ \text{\$}55& 678\mathrm{.}50\text{p}\text{l}\text{u}\text{s}35\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}243\\ 725& \text{\$}609\\ 350& -\\ \text{\$}183& 647\mathrm{.}25\text{p}\text{l}\text{u}\text{s}37\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}609\\ 350& ?\end{array}$

Schedule $Y-1-$Married Filing Jointly $or$ Qualifying surviving spouse

$\begin{array}{cc}If\text{t}\text{a}\text{x}\text{a}\text{b}\text{l}\text{e}\text{i}\text{n}\text{c}\text{o}\text{m}\text{e}is\text{o}\text{v}\text{e}\text{r}\text{:}& \text{B}\text{u}\text{t}\text{n}\text{o}\text{t}\text{o}\text{v}\text{e}\text{r}\text{:}\\ \text{T}\text{h}\text{e}\text{t}\text{a}\text{x}is\text{:}& ?\\ ?& ?\\ ?& \text{\$}0\\ \text{\$}23& 200\\ 10\%of\text{t}\text{a}\text{x}\text{a}\text{b}\text{l}\text{e}\text{i}\text{n}\text{c}\text{o}\text{m}\text{e}& ?\\ ?& ?\\ \text{\$}23& 200\\ \text{\$}94& 300\\ \text{\$}2& 320\text{p}\text{l}\text{u}\text{s}12\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}23\\ 200& \text{\$}94\\ 300& \text{\$}201\\ 050& \text{\$}10\\ 852\text{p}\text{l}\text{u}\text{s}22\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}94& 300\\ \text{\$}201& 050\\ \text{\$}383& 900\\ \text{\$}34& 337\text{p}\text{l}\text{u}\text{s}24\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}201\\ 050& \text{\$}383\\ 900& \text{\$}487\\ 450& \text{\$}78\\ 221\text{p}\text{l}\text{u}\text{s}32\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}383& 900\\ \text{\$}487& 450\\ \text{\$}731& 200\\ \text{\$}111& 357\text{p}\text{l}\text{u}\text{s}35\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}487\\ 450& \text{\$}731\\ 200& -\\ \text{\$}196& 669\mathrm{.}50\text{p}\text{l}\text{u}\text{s}37\%of\text{t}\text{h}\text{e}\text{e}\text{x}\text{c}\text{e}\text{s}\text{s}\text{o}\text{v}\text{e}\text{r}\text{\$}731\\ 200& ?\end{array}$ Tax Rates for Net Capital Gains and Qualified Dividends

$\begin{array}{cc}?& \text{T}\text{a}\text{x}\text{a}\text{b}\text{l}\text{e}\text{I}\text{n}\text{c}\text{o}\text{m}\text{e}\\ ?& ?\\ ?& ?\\ ?& ?\\ ?& ?\\ ?& ?\\ ?& ?\\ ?& ?\\ \text{R}\text{a}\text{t}\text{e}{?}^{(}()*)& \text{M}\text{a}\text{r}\text{r}\text{i}\text{e}\text{d}\text{F}\text{i}\text{l}\text{i}\text{n}\text{g}\text{J}\text{o}\text{i}\text{n}\text{t}\text{l}\text{y}\\ \text{M}\text{a}\text{r}\text{r}\text{i}\text{e}\text{d}\text{F}\text{i}\text{l}\text{i}\text{n}\text{g}\text{S}\text{e}\text{p}\text{a}\text{r}\text{a}\text{t}\text{e}\text{l}\text{y}& \text{S}\text{i}\text{n}\text{g}\text{l}\text{e}\\ \text{H}\text{e}\text{a}\text{d}of\text{H}\text{o}\text{u}\text{s}\text{e}\text{h}\text{o}\text{l}\text{d}& \text{T}\text{r}\text{u}\text{s}\text{t}\text{s}\text{a}\text{n}\text{d}\text{E}\text{s}\text{t}\text{a}\text{t}\text{e}\text{s}\\ ?& ?\\ ?& ?\\ ?& ?\\ ?& ?\\ ?& ?\\ 0\%& \text{\$}0-\text{\$}94\\ 050& \text{\$}0-\text{\$}47\\ 025& \text{\$}0-\text{\$}47\\ 025& \text{\$}0-\text{\$}63\\ 000& \text{\$}0-\text{\$}3\\ 150& ?\\ ?& ?\\ ?& ?\\ 15\%& \text{\$}94\\ 051-\text{\$}583& 750\\ \text{\$}47& 026-\text{\$}291\\ 850& \text{\$}47\\ 026-\text{\$}518& 900\\ \text{\$}63& 001-\text{\$}551\\ 350& \text{\$}3\\ 151-\text{\$}15& 450\\ 20\%& \text{\$}583\\ 751+& \text{\$}291\\ 851+& \text{\$}518\\ 901+& \text{\$}551\\ 351+& \text{\$}15\\ 451+& ?\\ ?& ?\\ ?& ?\end{array}$

Show all imagesShow all images

Answer & Explanation Solved by verified expert

See Answer