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Jeremy earned $100,500 in salary and $6,500 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during
Jeremy earned $100,500 in salary and $6,500 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 $24,700 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 $6,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) X Answer is complete but not entirely correct. Description Amount Gross income 113.050 For AGI deductions 0 $ 113,050 Adjusted gross income Standard deduction Itemized deductions (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 18.650 24.700 24,700 Greater of standard deduction or itemized deductions Taxable income $ 88.350 Income tax liability 5 13,842 2.000 Child tax credit Tax withholding 11,000 842 Tax due 2020 Tax Rate Schedules 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 $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 S47,367.50 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: S 0 S 19.750 10% of taxable income $ 19.750 S 80.250 $1,975 plus 12% of the excess over $19.750 S 80,250 S171.050 $9,235 plus 22% of the excess over $80.250 $171.050 $326.600 S29,211 plus 24% of the excess over $171,050 $326-600 $414.700 566,543 plus 32% of the excess over $326,600 $414.700 S622.050 $94.735 plus 35% of the excess over $414,700 $622,050 $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 S 14.100 10% of taxable income $ 14,100 S 53.700 $1.410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 56.162 plus 22% of the excess over $53,700 $ 85,500 S163,300 $13.158 plus 24% of the excess over $85,500 S163.300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 $518,400 S45,926 plus 35% of the excess over $207,350 $518,400 S154.793.50 plus 37% of the excess over $518,400
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