Jeremy earned $100,000 in salary and $6000 in interest income during the year Jeremy's employer withhold $10,000 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 itemize deductions including 2000 of charitable contributions to his church

Required information Problem 4-29 (LO 4-1) (Static) [The following information applies to the questions displayed below.) Jeremy earned $100.000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the itax rate schedulesi) Problem 4-29 Part-a (Static) a. Determine Jeremy's tax refund or taxes due Answer is not complete. Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income S 14.200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 S 86,350 $ 164.900 $13,293 plus 24% of the excess over $86,350 $ 164,900 S 209.400 $32.145 plus 32% of the excess over $164,900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 S 523,600 $156,355 plus 37% of the excess over $523,600 a. Determine Jeremy's tax refund or taxes due. Answer is not complete. Amount $ 106,000 42:53 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax (refund) $ 106,000 18,350 23,000 (23,000) $ 83,000 $ (12,698) 2,000 11,000 (302) 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 tax due including the tax on the capital gain? Answer is complete but not entirely correct. Description Amount (1) Gross income $ 110,000 (2) For AGI deductions (3) Adjusted gross income $ 110,000 (4) Standard deduction 18,350 (5) Itomized deductions 23,000 (6) Greater of standard deduction or itemized deductions (23,000) (7) Taxable income $ 87,000 (8) Income tax liability $ (13,298) (9) Child tax credit 2000 (10) Tax withholding 11,000 $ Tax due S (298) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? 3 of 3 00:42:33 Answer is not complete. Description Amount (1) Gross income $ 106,000 (2) For AGI deductions (3) Adjusted gross income $ 106,000 (4) Standard deduction 18,350 (5) Itemized deductions 7,000 (18,350) (7) Charitable contribution S 87,650 $ (8) Taxable income $ 175,300 (9) Income tax liability $ (13.790) (10) Child tax credit 2,000 (11) Tax withholding 11,000 s (790)