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How are the standard deduction and personal and dependency exemptions calculated? Jeremy earned $140,000 in salary and $1,000 in interest income during the year. Jeremy

How are the standard deduction and personal and dependency exemptions calculated?

Jeremy earned $140,000 in salary and $1,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $14, 500 in itemized deductions. Neither of his dependents qualifies for the child tax credit (use the tax rate schedules.). (Do not round intermediate calculations. Round "Income tax liability" to 2 decimal places.) a. Use the 2015 tax rate schedules to determine Jeremy's taxes due

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