5. Jeremy earned $101,600 in salary and $7,600 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. Jeremy qualifies to file as head of household and has $30,200 in itemized deductions. (Use the tax rate schedules.)

b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $11,550. What is Jeremys 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.)

	Description	Amount
1	Gross Income	120750
2	For AGI Deductions	0
3	Adjusted Gross Income	120750
4	Standard deduction	18650
5	Itemized Deduction	30200
6	Greater of standard deduction or itemized deductions	30200
7	Taxable Income	90550
8	Income Tax Liability	13461
9	Credits
10	Tax Withholding	11000
	Tax (Refund)

Need help finding 9) and Tax(Refund). Please explain calculations.

Below is the tax rate schedule:

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