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Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremy's employer withheld $11,00o0 of federal income taxes from Jeremy's paychecks
Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremy's employer withheld $11,00o0 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him and qualifies him for a $2,000 child tax credit. Jeremy qualifies to file as head of household and has $30,200 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description Amount 109,200 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions 24 109,200 30,200 (6) Greater of standard deduction or itemized deductions (7) Taxable income 109,200 (8) Income tax liability (9) Child tax credit (10) Tax withholding (+ Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 $152,380 plus 37% of the excess over $510,300
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