Question
4- 28: Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys
4- 28: Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremey qualifies to file as head of household and has $23,000 in itemized deductions.
a. Determine Jeremys tax refund or taxes due for 2019 based on the below information:
Description | Amount | Computation |
(1) Gross income |
|
|
(2) For AGI deductions |
|
|
(3) Adjusted gross income |
|
|
(4) Standard deduction |
| Head of household |
(5) Itemized deductions | 23,000 |
|
(6) Greater of standard deduction or itemized deductions |
|
|
(7) Taxable income |
|
|
(8) Income tax liability |
|
|
(9) Child Tax Credit | (2,000) |
|
(10) Tax Withholding | (11,000) |
|
Refund/Owed |
|
|
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