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For 2021 Tax bracket ! Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.] Jeremy earned $100,700 in
For 2021 Tax bracket
! Required information Problem 4-29 (LO 4-1) (Algo) [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.) Problem 4-29 Part-b (Algo) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,050. 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.) Description Amount (1) Gross income (2) For AGI deductions $ 0 (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions $ 0 (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholdingStep by Step Solution
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