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Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $17,000 in itemized deductions. Neither of his dependents qualifies for the child tax credit. a. What is Jeremy's taxable income? b. What is Jeremy's tax liability? Assume the original facts except that Jeremy had only $7,000 in itemized deductions. c. What is Jeremy's taxable income? d. What is Jeremy's tax liability? Lee is 30 years old and single. Lee paid all the costs of maintaining his household for the entire year. Determine Lee's filing status in each of the following alternative situations
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