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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.) a. Determine Jeremy's tax refund or taxes due. Answer is complete but not entirely correct. Description Amount (1) Gross income $ 106,000 (2) For AGI deductions 0 (3) Adjusted gross income $ 106,000 (4) Standard deduction 18,350 (5) Itemized deductions 23,000 (6) Greater of standard deduction or itemized deductions 23,000 (7) Taxable income $ 83,000 (8) Income tax liability S 12,698 (9) Child tax credit 2,000 (10) Tax withholding 11,000 Tax (refund) 302 X
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