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I cannot figure this bracket income thing to find the Income tax liability could you please break it down and explain it . and help
I cannot figure this bracket income thing to find the Income tax liability could you please break it down and explain it . and help out completing the table for part c.
Jeremy (unmarried) earned $100,000 in salary and $6,000 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 $23,000 in itemized deductions. (Use the tax rate schedules, Tax rates for Net Capital Gains and Qualified Dividends.) Schedule Z-Head of Household \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$0 & $15,700 & 10% of taxable income \\ \hline$15,700 & $59,850 & $1,570 plus 12% of the excess over $15,700 \\ \hline$59,850 & $95,350 & $6,868 plus 22% of the excess over $59,850 \\ \hline$95,350 & $182,100 & $14,678 plus 24% of the excess over $95,350 \\ \hline$182,100 & $231,250 & $35,498 plus 32% of the excess over $182,100 \\ \hline$231,250 & $578,100 & $51,226 plus 35% of the excess over $231,250 \\ \hline$578,100 & - & $172,623.5 plus 37% of the excess over $578,100 \\ \hline \end{tabular} Answer is not complete. Complete this question by entering your answers in the tabs below. 2023 Tax Rate SchedulesStep by Step Solution
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