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A tax year is not needed to answer this question. Jeremy earned $102,200 in salary and $8,200 in interest income during the year. Jeremy's employer
A tax year is not needed to answer this question.
Jeremy earned $102,200 in salary and $8,200 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 $33,200 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $14,550. 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.) Amount $ 124 950 0 $ 124 950 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) tomized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due $ $ 33.200 33.200 91,750 22.557 3.000 10.000 c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Amount $ 110,400 $ 110,400 7,000 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction of temized deductions (7) Charitable contribution (8) Table income (9) Income tax liability (10) Child tax credit (11) Tax withholding Tax due $ $ 110,400 19,065 3,000 10,000 Step by Step Solution
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