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(Solution Download) In 2014, Carson is claimed as a dependent on his parent's tax return. His parents' ordinary...


 

 

 

 

 

 

 

In 2014, Carson is claimed as a dependent on his parent's tax

 

return. His parents' ordinary income marginal tax rate is 28

 

percent. Carson's parents provided most of his support. Use Tax

 

Rate Schedule for reference.

 

 

 

 

 

 

 

 

 

What is Carson's tax liability for the year in each of the

 

following alternative circumstances?

 

 

 

 

 

 

 

 

 

a.

 

Carson is 17 years old at year-end and earned $10,800 from his

 

summer job and part-time job after school. This was his only source

 

of income.

 

 

Tax liability

 

     

 

 

 

 

 

 

 

 

b.

 

Carson is 23 years old at year-end. He is a full-time student

 

and earned $10,800 from his summer internship and part-time job. He

 

also received $3,900 of qualified dividend income.

 

 

tax liability

 

    

 

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