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Could someone please help me calculate Standardized Deduction and Income Tax Liability? I honestly don't know how to get them I would appreciate your help.
Could someone please help me calculate Standardized Deduction and Income Tax Liability? I honestly don't know how to get them I would appreciate your help. Thank you in advance!
Problem 4-29 (LO 4-1) (Static) (The following information applies to the questions displayed below.] Jeremy eamed $100,000 in salary and $6,000 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 $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) Problem 4-29 Part-b (Static) b. Assume that In addition to the original facts, Jeremy has a long-term capital gain of $4,000. What Is Jeremy's tax refund or tax due Including the tax on the capital gain? Answer is not complete. Description Amount (1) Gross income S 110.000 (2) For AGI deductions 0 (3) Adjusted gross income $ 110.000 (4) Standard deduction (5) Itemized deductions 23.000 23.000 0 % (7) Taxable income S 87.000 S 1 X (8) Income tax liability (9) Child tax credit (10) Tax withholding 3.000 10.000 Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950 S 40,525 $ 86,375 $4.664 plus 22% of the excess over $40,525 S 86,375 $164.925 $14.751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33.603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47.843 plus 35% of the excess over $209.425 $ 523,600 $157.804.25 plus 37% of the excess over $523,600 Schedule Y-1- Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 S 81,050 $1.990 plus 12% of the excess over $19,900 S 81.050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172.750 $329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 595,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 S 14,200 10% of taxable income S 14,200 S 54,200 $1,420 plus 12% of the excess over $14,200 S 54,200 S 86,350 $6,220 plus 22% of the excess over $54,200 S 86,350 $ 164,900 $13,293 plus 24% of the excess over $86,350 $ 164,900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 S 9,950 10% of taxable income $9.950 S 40,525 $995 plus 12% of the excess over $ 9,950 $ 40,325 $ 86,375 $4,664 plus 22% of the excess over $40,525 S 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $314,150 $47,843 plus 35% of the excess over $209,425 $ 314,150 $84.496.75 plus 37% of the excess over $314,150Step by Step Solution
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