A.

Jeremy (unmarried) earned $101,800 in salary and $7,800 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 $24,800 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.)

Required:

1. Determine Jeremy's tax refund or taxes due.
2. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $12,550. What is Jeremy's tax refund or tax due including the tax on the capital gain?

Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.

1. Assume the original facts except that Jeremy has only $5,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due?

B

Aram's taxable income before considering capital gains and losses is $71,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer).

Required:

1. Aram sold a capital asset that he owned for more than one year for a $5,220 gain, a capital asset that he owned for more than one year for a $610 loss, a capital asset that he owned for six months for a $1,420 gain, and a capital asset he owned for two months for a $1,010 loss.
2. Aram sold a capital asset that he owned for more than one year for a $2,110 gain, a capital asset that he owned for more than one year for a $2,720 loss, a capital asset that he owned for six months for a $310 gain, and a capital asset he owned for two months for a $2,120 loss.
3. Aram sold a capital asset that he owned for more than one year for a $2,610 loss, a capital asset that he owned for six months for a $4,420 gain, and a capital asset he owned for two months for a $410 loss.
4. Aram sold a capital asset that he owned for more than one year for a $3,330 gain, a capital asset that he owned for more than one year for a $410 loss, a capital asset that he owned for six months for a $310 gain, and a capital asset he owned for two months for a $2,120 loss.

C

David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $2,390 and also have a child tax credit of $2,000.

What is the amount of their tax refund or taxes due?