Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

29. 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

29. 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. a) Determine Jeremy's tax refund or taxes due. 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? c) Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Page 4-33 Schedule Z-Head of Household If taxable income But not is over: over: The tax is: $ 0 $ 14,100 $ 14,100 10% of taxable income $ 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 $207,350 $518,400 $518,400 over $163,300 $45,926 plus 35% of the excess over $207,350 $154,793.50 plus 37% of the excess over $518,400

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

Sap Fixed Assets Accounting

Authors: Jorg Siebert, Dieter Schlagenhauf

1st Edition

1497314380, 978-1497314382

More Books

Students also viewed these Accounting questions

Question

3 The distinction between microeconomics and macroeconomics.

Answered: 1 week ago

Question

2 The role of economic theory in economics.

Answered: 1 week ago