2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income $ 0 $ 9,875 $ 40,125 $ 85,525 $163,300 $207,350 $518,400 over:But not over: The tax is: $ 9,875 10% of taxable income $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $163,300 $14,605.50 plus 24% of the excess over $85,525 $207,350 $33,271.50 plus 32% of the excess over $163,300 $518,400 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income $ 0 (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions $ 0 (6) (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax refund or tax due including the tax on the capital gain? Description Amount 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding $ 0 C. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding $ 0