Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i dont know if my answers are right or wrong Required information (The following information applies to the questions displayed below) Jeremy earned $100,900 in
i dont know if my answers are right or wrong
Required information (The following information applies to the questions displayed below) Jeremy earned $100,900 in salary and $6,900 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 $26,700 in itemized deductions, including $2,000 of charitable contributions to his church (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itomized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due Amount $ 107,800 0 $ 107,800 18,000 26,700 26,700 $ 81,100 $ 12,138 2,000 10,000 $ 138 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.950 10% of taxable income $ 9950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $164.925 $14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19.900 10% of taxable income $ 19.900 $ 81,050 $1.990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29.502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628 300 595,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6.220 plus 22% of the excess over $54,200 $ 86,350 $164.900 $13,293 plus 24% of the excess over $86,350 $164.900 $ 209,400 $32,145 plus 32% of the excess over $164.900 $ 209,400 S 523,600 $46,385 plus 35% of the excess over $209 400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: DVORI The tax is: LIO Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started