Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925

2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $209,425 $ 523,600 $ 9,950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,900 $ 81,050 $ 172,750 $329,850 $418,850 $ 19,900 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $ 81,050 $172,750 $329,850 $29,502 plus 24% of the excess over $172,750 $418,850 $67,206 plus 32% of the excess over $329,850 $628,300 $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the excess over $628,300 $9,328 plus 22% of the excess over $81,050 - $628,300 Schedule Z-Head of Household If taxable income is over: But not over: 0 $ $14,200 $ 54,200 $ 86,350 $ 164,900 $209,400 $ 523,600 $14,200 $ 54,200 $ 86,350 $164,900 $209,400 $ 523,600 - The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $164,925 $209,425 $314,150 $ 9,950 $ 40,525 The tax is: 10% of taxable income $995 plus 12% of the excess over $ 9,950 $ 86,375 |$4,664 plus 22% of the excess over $40,525 $164,925 $14,751 plus 24% of the excess over $86,375 $209,425 $33,603 plus 32% of the excess over $164,925 $314,150 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150 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 $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Answer is not complete. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Charitable contribution (8) Taxable income (9) Income tax liability (10) Child tax credit (11) Tax withholding Tax due Amount $ 106,000 0 $ 106,000 18,800 7,000 $ 300 $ 106,300 $ 13,425 3,000 10,000 $ 425 Please help me to Find this

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Statement Analysis And Business Valuation Case Studies Using Excel

Authors: Dr Alessio Faccia

1st Edition

979-8863186412

More Books

Students explore these related Accounting questions