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Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during
Jeremy earned $100,000 in salary and $6,000 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 $23,000 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax refund or tax including the tax on the capital gain? X Answer is not complete. Amount (1) (2) (3) Description Gross income For AGI deductions Adjusted gross income Standard deduction Itemized deductions Greater of standard deduction or itemized deductions (4) (5) $ 110,000 0 $ 110,000 18,650 23,000 23,000 S 87,000 S 13,518 x 2,000 11,000 (6) (7) Taxable income (8) (9) (10) Income tax liability Child tax credit Tax withholding Tax due
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