Question
Jeremy earned $102,100 in salary and $8,100 in interest income during the year. Jeremys employer withheld $11,200 of federal income taxes from Jeremys paychecks during
Jeremy earned $102,100 in salary and $8,100 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 $32,700 in itemized deductions. (Use the tax rate schedules.)
A.) Determine Jeremy's tax refund.
B.) Assume that in addition to the original facts, Jeremy has a long-term capital gain of $14,050. What is Jeremy's tax due including the tax on capital gain?
C.) Assume that the original facts except that Jeremy only had $7,000 in itemized deductions. What is Jeremy's tax due?
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