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Hi, please see the below in red and let me know how to solve this problem as I am not sure what I did incorrect.
Hi, please see the below in red and let me know how to solve this problem as I am not sure what I did incorrect. PLEASE SHOW YOUR STEPS AS WELL!
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over The tax is $ 9,700 $ 39,475 10% of taxable income 0 $970 plus 12% of the excess over $9,700 9,700 39,475 84,200 $4,543 plus 22 % of the excess over S39,475 $ 84,200 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 $32,748.50 plus 32% of the excess over S160,725 $46,628.50 plus 35% of the excess over S204,100 $204,100 $510,300 $153,798.50 plus 37% of the excess over $510.300 $510,300 Qualifying Widow(er) Schedule Y-1-Married Filing Jointly or If taxable income is over: But not over: The tax is $19,400 10% of taxable income 0 $1,940 plus 12% of the excess over $19,400 $19,400 78,950 $ 78,950 $9,086 plus 22% of the excess over S78,950 $168,400 $28,765 plus 24% of the excess over $168,400 $168.400 $321,450 $65,497 plus 32% of the excess over $321,450 $321,450 $408,200 $93,257 plus 35% of the excess over $408,200 $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is 10% of taxable income 0 13,850 $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over $84,200 84,200 $160,700 $31,322 plus 32% of the excess over $160,700 $160,700 $204,100 $45,210 plus 35% of the excess over $204,100 $204,100 $510,300 $152,380 plus 37% of the excess over S510,300 $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over The tax is: $ 9,700 $ 39,475 10% of taxable income 0 $970 plus 12% of the excess over $9,700 9,700 S4,543 plus 22% of the excess over $39,475 39,475 84,200 $ 84,200 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over S204,100 $204,100 $204,100 $306,175 $82,354.75 plus 37% of the excess over S306,175 $306,175 Required information The following information applies to the questions displayed below.] Jeremy earned $102,200 in salary and $8,200 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $33,200 in itemized deductions. (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.) Description Amount 124,950 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions S 124,950 18,350 33,200 33,200 Taxable income (7) 91,750 (8) Income tax liability 2,000 11,000 (9) Child tax credit (10) Tax withholding Tax due Computation # Amount (1) Gross income 110,400.00 110,400.00 (2) For AGI deductions 0 (3) Adjusted gross income (4) Standard deduction 110,400.00 18,350.00 33,200.00 (5) Itemized deductions (6) Greater of standard deductions or itemized deductions 33,200.00 (7) Taxable Income 77,200.00 11,282.00 (77,200-84, 200) * 24%+12,962 (8) Income tax Iiability (9) Child tax credit 2,000.00 (10) Tax withholding 11,000.00 -1,718.00 (11) tax refundStep by Step Solution
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