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[The following information applies to the questions displayed below.] In 2020, Carson is claimed as a...

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Accounting

[The following information applies to the questions displayedbelow.] In 2020, Carson is claimed as a dependent on his parents'tax return. His parents report taxable income of $200,000 (marriedfiling jointly). Carson's parents provided most of his support.What is Carson's tax liability for the year in each of thefollowing alternative circumstances? Use Tax Rate Schedule,Dividends and Capital Gains Tax Rates for reference. b. Carson is23 years old at year-end. He is a full-time student and earned$14,300 from his summer internship and part-time job. He alsoreceived $5,300 of qualified dividend income. (Do not roundintermediate calculations. Round your final answer to 1 decimalplace.)

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3.8 Ratings (385 Votes)
Answer As per internal revenue code person is dependent and under the age of 65 and his earned only income does not exceed12400 then he not required to file return Here Carson is 23 years old and dependent    See Answer
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