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I need help solving the tax accounting problem below. Everything is correct except the Credit and Tax (Refund) lines. What is the correct answer for
I need help solving the tax accounting problem below. Everything is correct except the Credit and Tax (Refund) lines. What is the correct answer for (9) Credits and the Tax Refund line? (Use the 2020 tax rate schedule)
ork Saved Help Save & E Che Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due (assume Jeremy did not receive the recovery rebate in advance of filing his tax return). Amount $ 109,800 0 $ Description (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 (7) Taxable income (8) Income tax liability (9) Credits (10) Tax withholding Tax (refund) 109,800 18,650 31,700 31,700 78,100 11,530 $ $ 2,000 11,000 $ 1,470
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