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Jeremy earned $102,200 in salary and $8,200 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during
Jeremy earned $102,200 in salary and $8,200 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's 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. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Amount $ 110,400 0 $ 110,400 18,350 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) Child tax credit (10) Tax withholding Tax refund 33,200 33,200 77,200 $ 2,000 11,000
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