3 Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.] ge ts' er d O Jeremy earned $101,700 in salary and $7,700 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 $30,700 in itemized deductions. (Use the tax rate schedules.) et Problem 4-29 Part-b (Algo) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $12,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Du hot iblcom 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987 50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617 50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605 50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y.1-Married Filing Jointly or Qualifying Widow(er) Ir 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 $414,700 566,543 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 SI 410 plus 12% of the excess over S14,100 $ 53,700 S 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 S45.926 plus 35% of the excess over $207,350 5518.400 S154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: 0 S 9.875 10% of taxable income S98775 S40125 S9875 120 of the SS.NO.75 MacBo 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: $ 0 $ 14,100 $ 14,100 $ 53,700 $ 53,700 $ 85,500 $ 85,500 $163 300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $1,410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over 585,500 $31.830 plus 32% of the excess over $163,300 $45,926 plus 35% of the excess over $207,350 $154.793 50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: S 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 5987 50 plus 12% of the excess over $9.875 S 40.125 $ 85.525 $4,617 50 plus 22% of the excess over $40,125 $ 85 525 $163,300 $14.605 50 plus 24% of the excess over $85 525 $163,300 $207,350 $33.271 50 plus 32% of the excess over $163,300 $207,350 $311.025 S47367 50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37% of the excess over $311.025 MacE Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.] Jeremy earned $101,700 in salary and $7,700 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 $30,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-29 Part-c (Algo) 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 (1) Gross income (2) For AGI deductions (3) Adjusted gross income Standard deduction (5) Itemized deductions (6) (7) Taxable income 0 0