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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

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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 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 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 0 Adjusted gross income $ 110,000 Standard deduction 18,650 (5) Itemized deductions 23,000 (6) Greater of standard deduction or itemized deductions 23,000 (7) Taxable income $ 87,000 (8) Income tax liability $ 13,5183 (9) Child tax credit 2,000 (10) Tax withholding 11,000 Tax due $ 518 . 00 southeastern Okl... | 2020 Tax Rate Schedules Register for 14 Fift. Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9.875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85.525 $163,300 $14,605,50 plus 24% of the excess over $85525 $163,300 $207,350 $33,271,50 plus 32% of the excess over $163,300 $207 350 $518.400 $47,367 50 plus 35% of the excess over $207,350 $518.400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19.750 10% of taxable income $ 19,750 $ 80,250 $1.975 plus 12% of the excess over $19,750 $ 80.250 $171.050 $9.235 plus 22% of the excess over $80,250 $171.050 $326,600 $29,211 plus 24% of the excess over $171,050 $326.600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 5622,050 $167 307 50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1.410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6.162 plus 22% of the excess over $53,700 $ 85,500 $ 163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 $518.400 $45.926 plus 35% of the excess over $207,350 $518 400 $154,793 50 plus 37% of the excess over $518,400 Schedule Y-2.Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $9.875 10% of taxable income $ 9.875 $ 40,125 5987 50 plus 12% of the excess over $9,875 $ 40,125 $ 85525 54,617 50 plus 22% of the excess over $40,125 $85 525 $163,300 $14.605 50 plus 24% of the excess over $85 525 $163,300 $207,350 $33.271 50 plus 32 of the excess over $163,300 $207350 $311025 547,367 50 plus 35% of the excess over $207350 $311025 $83.653.75 plus 37% of the excess over $311,025

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