Required information [The following information applies to the questions displayed below.] In 2024, 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. a. Carson is 17 years old at year-end and earned $15,000 from his summer job and part-time job after school. This was his only source of income. 2024 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 11,600 $ 47,150 $ 100,525 $191,950 $243,725 $ 609,350 $ 11,600 $ 47,150 $ 100,525 $191,950 $243,725 $ 609,350 The tax is: 10% of taxable income $1,160 plus 12% of the excess over $11,600 $5,426 plus 22% of the excess over $47,150 $17,168.50 plus 24% of the excess over $100,525 $39,110.50 plus 32% of the excess over $191,950 $55,678.50 plus 35% of the excess over $243,725 $183,647.25 plus 37% of the excess over $609,350 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: $ 0 $ 23,200 $ 94,300 $201,050 $ 383,900 $ 487,450 $ 731,200 $ 23,200 $ 94,300 $201,050 $ 383,900 $487,450 $ 731,200 The tax is: 10% of taxable income $2,320 plus 12% of the excess over $23,200 $10,852 plus 22% of the excess over $94,300 $34,337 plus 24% of the excess over $201,050 $78,221 plus 32% of the excess over $383,900 $111,357 plus 35% of the excess over $487,450 $196,669.50 plus 37% of the excess over $731,200
Required information [The following information applies to the questions displayed below.] In 2024, 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. a. Carson is 17 years old at year-end and earned $15,000 from his summer job and part-time job after school. This was his only source of income. 2024 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 11,600 $ 47,150 $ 100,525 $191,950 $243,725 $ 609,350 $ 11,600 $ 47,150 $ 100,525 $191,950 $243,725 $ 609,350 The tax is: 10% of taxable income $1,160 plus 12% of the excess over $11,600 $5,426 plus 22% of the excess over $47,150 $17,168.50 plus 24% of the excess over $100,525 $39,110.50 plus 32% of the excess over $191,950 $55,678.50 plus 35% of the excess over $243,725 $183,647.25 plus 37% of the excess over $609,350 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: $ 0 $ 23,200 $ 94,300 $201,050 $ 383,900 $ 487,450 $ 731,200 $ 23,200 $ 94,300 $201,050 $ 383,900 $487,450 $ 731,200 The tax is: 10% of taxable income $2,320 plus 12% of the excess over $23,200 $10,852 plus 22% of the excess over $94,300 $34,337 plus 24% of the excess over $201,050 $78,221 plus 32% of the excess over $383,900 $111,357 plus 35% of the excess over $487,450 $196,669.50 plus 37% of the excess over $731,200
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 28P
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![Required information
[The following information applies to the questions displayed below.]
In 2024, 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.
a. Carson is 17 years old at year-end and earned $15,000 from his summer job and part-time job after school. This was his only source
of income.
2024 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over:
$
0
$ 11,600
$ 47,150
$ 100,525
$191,950
$243,725
$ 609,350
$ 11,600
$ 47,150
$ 100,525
$191,950
$243,725
$ 609,350
The tax is:
10% of taxable income
$1,160 plus 12% of the excess over $11,600
$5,426 plus 22% of the excess over $47,150
$17,168.50 plus 24% of the excess over $100,525
$39,110.50 plus 32% of the excess over $191,950
$55,678.50 plus 35% of the excess over $243,725
$183,647.25 plus 37% of the excess over $609,350
Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
If taxable income is over: But not over:
$
0
$ 23,200
$ 94,300
$201,050
$ 383,900
$ 487,450
$ 731,200
$ 23,200
$ 94,300
$201,050
$ 383,900
$487,450
$ 731,200
The tax is:
10% of taxable income
$2,320 plus 12% of the excess over $23,200
$10,852 plus 22% of the excess over $94,300
$34,337 plus 24% of the excess over $201,050
$78,221 plus 32% of the excess over $383,900
$111,357 plus 35% of the excess over $487,450
$196,669.50 plus 37% of the excess over $731,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F34454c7c-6971-4a3c-9bff-2a5ba4bf951b%2F0cec0647-9b52-47d2-86e1-c43e0174c357%2F2sglopp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
In 2024, 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.
a. Carson is 17 years old at year-end and earned $15,000 from his summer job and part-time job after school. This was his only source
of income.
2024 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over:
$
0
$ 11,600
$ 47,150
$ 100,525
$191,950
$243,725
$ 609,350
$ 11,600
$ 47,150
$ 100,525
$191,950
$243,725
$ 609,350
The tax is:
10% of taxable income
$1,160 plus 12% of the excess over $11,600
$5,426 plus 22% of the excess over $47,150
$17,168.50 plus 24% of the excess over $100,525
$39,110.50 plus 32% of the excess over $191,950
$55,678.50 plus 35% of the excess over $243,725
$183,647.25 plus 37% of the excess over $609,350
Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
If taxable income is over: But not over:
$
0
$ 23,200
$ 94,300
$201,050
$ 383,900
$ 487,450
$ 731,200
$ 23,200
$ 94,300
$201,050
$ 383,900
$487,450
$ 731,200
The tax is:
10% of taxable income
$2,320 plus 12% of the excess over $23,200
$10,852 plus 22% of the excess over $94,300
$34,337 plus 24% of the excess over $201,050
$78,221 plus 32% of the excess over $383,900
$111,357 plus 35% of the excess over $487,450
$196,669.50 plus 37% of the excess over $731,200
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