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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
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. Assume CARES Act applies. (Use the tax rate schedules) CARES Problem 4-29 Part-a (Static) a. Determine Jeremy's tax refund or taxes due (assume Jeremy did not receive the recovery rebate in advance of filing his tax retu (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Hemized deductions Description (6) Greater of standard deduction or itemized deductions (7) Taxable income Amount $ 106,000 $ 106.000 23.000 23,000 $ 83,000
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