Question

Carlton is 16 years old and works throughout the year at a local coffee shop. This...

Carlton is 16 years old and works throughout the year at a local coffee shop. This year, he made $9200 at the coffee shop and earned $2,000 in interest income from his saving account. Assume that Carlton is claimed as a dependent on his parent's tax return. What is Carlton's standardized deduction for the year?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer = $1050

Explanation:

For 2017, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of

(a) $1,050 or

(b) $350 + the dependent’s earned income

As carlton earned income is $9200 . Therefore he will get a standard deduction of the lower of

a) $1050 or

b) 350 + 9200 = 9550

Thus, carlton's standarized deduction will be $1050

For any query please comment and dont forget to give positive rating

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Ryan is 39 years old and works as a real estate agent. Ryan’s marginal tax rate...
Ryan is 39 years old and works as a real estate agent. Ryan’s marginal tax rate is 24%. Ryan has a traditional (deductible) IRA with a current balance of $80,000. The IRA consists of $60,000 of contributions that Ryan made and deducted on his tax return and $20,000 of account earnings. In the current year, Ryan receives a distribution of the entire $80,000. He contributes $60,000 to a Roth IRA and keeps the remaining $20,000. What is Ryan’s total income...
Danny Liu is 20 years old and claimed as a dependent on his parents’ tax return....
Danny Liu is 20 years old and claimed as a dependent on his parents’ tax return. Assume the taxable year is 2017. Compute Danny’s taxable income if Danny’s only income item was $2,712 interest earned on a certificate of deposit. Compute Danny’s taxable income if Danny had two income items: $2,712 interest earned on a certificate of deposit and $3,276 wages from a part-time job. How would your answers change if Danny were not claimed as a dependent on his...
n 2018, Carson is claimed as a dependent on his parent's tax return. Carson's parents provided...
n 2018, Carson is claimed as a dependent on his parent's tax return. Carson's parents provided most of his support. Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Round your final answer to the nearest whole dollar amount.) Question: Carson is 23 years old at year-end. He is a full-time student and earned $14,825 from his summer internship and part-time job. He also received $6,110 of qualified dividend income. What is Carson's Tax...
[The following information applies to the questions displayed below.] In 2018, Carson is claimed as a...
[The following information applies to the questions displayed below.] In 2018, Carson is claimed as a dependent on his parent's tax return. 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, Estates and Trusts for reference. (Round your final answer to the nearest whole dollar amount.) Carson is 23 years old at year-end. He is a full-time...
R and J were married in 2007. They have a five year old child and a...
R and J were married in 2007. They have a five year old child and a son born December 16, 2018. R's 67 year old father lived in a nursing home until his death on March 4, 2018. R and J provided all of his support until his death. R earned $43,000 in salary during the year. They also had $2,100 in interest from the credit union. They incurred $7,800 in itemized deductions during the year. Compute their taxable income...
Joe is 27 years old and works for a regional CPA firm as a tax manager....
Joe is 27 years old and works for a regional CPA firm as a tax manager. His salary for the year is $75,000. In addition to his annual salary, he is included in his employer’s health insurance plan. The annual premium for the plan is $3,000. Joe pays $500 towards this premium and his employer pays the remaining $2,500. The health insurance plan is a high deductible plan and has a feature allowing for a Health Savings Account. Joe contributes...
In Year 1, Mr. Sonny made a gift to his brother, Carlton, of his interest in...
In Year 1, Mr. Sonny made a gift to his brother, Carlton, of his interest in a small business corporation (Sec. 1244 stock) with adjusted basis of $120,000 and FMV of $140,000. Mr. Sonny paid no gift tax on the transfer. Carlton sold that interest for $60,000 in January Year 7. What are the amount and the character of Carlton’s loss? Ordinary Loss Capital Loss A. $50,000 $30,000 B. $50,000 $10,000 C. $0 $60,000 D. $60,000 $0 In Year 1,...
Mitch and Bill are both age 75. When Mitch was 24 years​ old, he began depositing...
Mitch and Bill are both age 75. When Mitch was 24 years​ old, he began depositing ​$1300 per year into a savings account. He made deposits for the first 10​ years, at which point he was forced to stop making deposits.​ However, he left his money in the​ account, where it continued to earn interest for the next 41 years. Bill​ didn't start saving until he was 47 years​ old, but for the next 28 years he made annual deposits...
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided...
In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Carson is 23 years old at year-end. He is a full-time student and earned $14,225 from his summer internship and part-time job. He also received $6,000 of qualified dividend income.
(United States) In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's...
(United States) In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? b. Carson is 23 years old at year-end. He is a full-time student and earned $15,800 from his summer internship and part-time job. He also received $5,700 of qualified dividend income.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT