How Do I Calculate Income Tax Liability?

jeremy earned $101,400 in salary and $7,400 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 $29,200 in itemized deductions.

Taxable Income is Over:

$84,200

Taxable Income doesn't exceed:

$160,700

$12,962 plus 24% of the excess over $84,200