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EMRIIVITIE [The following information applies to the questions displayed below] Jeremy earned $100,700 in salary and $6,700 in interest income during the year. Jeremy's
EMRIIVITIE [The following information applies to the questions displayed below] Jeremy earned $100,700 in salary and $6,700 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 $25,700 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income $ 107,400 (2) For AGI deductions 0 (3) Adjusted gross income S 107,400 (4) Standard deduction 18,345 (5) Itemized deductions 25,700 (6) Greater of standard deduction or itemized deductions. 25,700 (7) Taxable income S 81,700 S 12,322 (8) Income tax liability (9) Child tax credit 2,000 10,000 (10) Tax withholding Tax due $ 322
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