Question: In 2015, 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

In 2015, 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. 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 $12,000 from his summer job and part-time job after school. This was his only source of income.
b) Carson is 23 years old at year-end. He is a full-time student and earned $12,000 from his summer internship and part-time job. He also received $5,000 of qualified income.

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a Carsons tax liability is 570 Note that Carson has no unearned income and is not subject to the kid... View full answer

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