Answer Happy

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 $15,800 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: S 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $ 86,375 $ 40,525 $ 86,375 $164,925 $ 209,425 $ 523,600 $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 $ 164,925 $ 209,425 $ 523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $ 172,750 $ 81,050 $ 172,750 $ 329,850 $418,850 $ 628,300 $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the excess over $628,300 $ 329,850 $ 418,850 $ 628,300 Schedule 7-Head of Household
Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate Married Filing Jointly Married Filing Separately Single Trusts and Estates 50-$2,700 0% $0-$40,400 50-$40,400 Head of Household $0-$54,100 $54,101-$473,750 $0-$80,800 $80,801-$501,600 15% $40,401-$445,850 $2,701-$13,250 $40,401-$250,800 $250,801+ 20% $501,601+ $445,851+ $473,751+ $13,251+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)