Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Schedule Z-Head of HouseholdIf taxable income is over: But not over:The tax is:$0$ 13,85010% of taxable income$ 52,850

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

Step by Step Solution

3.40 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

Computatlon of taxable Income and Tax payable of Jeremy for 2020 Sr Particular... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Federal Taxation 2019

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

10th Edition

1260189988, 1260189678, 9781260189674, 978-1259917103, 125991710X, 978-1260190045

More Books

Students also viewed these Accounting questions

Question

33. Can MRP and kanban be used at the same time and if so, how?

Answered: 1 week ago

Question

recognize unresolved and critical issues regarding job crafting;

Answered: 1 week ago