Question: In 2017, Carson is claimed as a dependent on his parent's tax return. His parents' ordinary income marginal tax rate is 28%. Carson's parents provided

In 2017, Carson is claimed as a dependent on his parent's tax return. His parents' ordinary income marginal tax rate is 28%. 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 565 Note that Carson has no unearned income and is not subject to the kid... View full answer

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