Answered

Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

Joel and maria have a son named david who is a 20-year old student at the university of southern california. david received $1300 worth of investment income in 2020 and had earned income $1700 but that was far less than half of the support he received from his parents. both joel and maria are still alive. based on this information what can be said about the tax liability in california?

Sagot :

David had earned payment and must pay California taxes on his investment and earned income he received.

Tax liability in California

Tax liability is the full amount of tax owed in a delivered period, by people and organizations, to federal, state, and local administrations. For companies, tax liabilities are short-term liabilities registered on a balance sheet and paid within a year.

California holds nine tax brackets: 1%, 2%, 4%, 6%, 8%, 9.3%, 10.3%, 11.3% and 12.3%. Here are the rates and stands for the 2021 tax year, which you'll file in 2022, via the California Franchise Tax Board. The ordinary deduction in California is $4,803 for single filers and $9,606 for married families.

To learn more about Tax liability visit the link

https://brainly.com/question/27763905

#SPJ4

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.