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Jeremy earned $101,690 in salary and $8,200 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during
Jeremy earned $101,690 in salary and $8,200 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 $33,200 in itemized deductions.
a. Determine Jeremy's tax refund or taxes due (assume Jeremy did not receive the recovery rebate in advance of filing his tax return). Amount $ $ Description (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) Credits (10) Tax withholding 109,890 0 109,890 18,000 33,200 33,200 76,690 $Step by Step Solution
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