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Jeremy earned $100,800 in salary and $6,800 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during
Jeremy earned $100,800 in salary and $6,800 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $26,200 in itemized deductions. (Use the tax rate schedules.
C. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Amount $ Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) (7) Taxable income (8) Income tax liability Child tax credit (10) Tax withholding b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,550. 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.) Description Amount $ 115,150 (1) Gross income For AGI deductions (3) Adjusted gross income (4) Standard deduction $ 115,150 Itemized deductions (6) Taxable income $ 115,150 (8) Income tax liability Child tax credit (10) Tax withholdingStep by Step Solution
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