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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?

Respuesta :

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.

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