Question
Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremys employer withheld $11,200 of federal income taxes from Jeremys paychecks during
Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremys employer withheld $11,200 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 $30,200 in itemized deductions. (Use the tax rate schedules.) 2018.
1.. Determine Jeremys tax refund or taxes due.
| Description | Amount | ||
| (1) | Gross income | ||
| (2) | For AGI deductions | ||
| (3) | Adjusted gross income | ||
| (4) | Standard deduction | ||
| (5) | Itemized deductions | ||
| (6) | Greater of standard deduction or itemized deductions | ||
| (7) | Taxable income | ||
| (8) | Income tax liability | ||
| (9) | Child tax credit | ||
| (10) | Tax withholding | ||
| Taxes due |
| ||
2.
b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $11,550. What is Jeremys tax refund or tax due including the tax on the capital gain?
| Description | Amount | ||
| (1) | Gross income | ||
| (2) | For AGI deductions | ||
| (3) | Adjusted gross income | ||
| (4) | Standard deduction | ||
| (5) | Itemized deductions | ||
| (6) | Greater of standard deduction or itemized deductions | ||
| (7) | Taxable income | ||
| (8) | Income tax liability | ||
| (9) | Child tax credit | ||
| (10) | Tax withholding | ||
c. Assume the original facts except that Jeremy had only $7,000 in itemized deductions. What is Jeremys tax refund or tax due?
| Description | Amount | ||
| (1) | Gross income | ||
| (2) | For AGI deductions | ||
| (3) | Adjusted gross income | $0 | |
| (4) | Standard deduction | ||
| (5) | Itemized deductions | ||
| (6) | |||
| (7) | Taxable income | $0 | |
| (8) | Income tax liability | ||
| (9) | Child tax credit | ||
| (10) | Tax withholding | ||
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Regulation Audit Inspection Standards And Risk A Handbook For Street Level Regulators
Authors: John E Brady, Amy J Brady
1st Edition
0993082238, 978-0993082238
