1. In 2020, Carson is claimed as a dependent on his parents' tax return. His...
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Accounting
1. In 2020, 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.
a. Carson is 17 years old at year-end and earned $16,200 from his summer job and part-time job after school. This was his only source of income.
b. 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.
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