Question
Jeremy earned $90,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies
Jeremy earned $90,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $12,000 in itemized deductions. Neither of his dependents qualifies for the child tax credit. (use the tax rate schedules.). (Do not round intermediate calculations. Round "Income tax liability" to 2 decimal places.)
"MUST USE 2015 TAX RATE SCHEDULE"
A) Use the 2015 tax rate schedules to determine Jeremys taxes due.
1) GROSS INCOME
2) FOR AGI DEDUCTIONS
3) AGI
4 STANDARD DEDUCTION
5) ITEMIZED DEDUCTIONS
6) GREATER OR LESSER OF ITEMIZED DEDUCTIONS-- AMOUNT AND WHICH ONE GREATER OR LESS
7) PERSONAL AND DEPENDANCY EXEMPTIONS
8) TAXABLE INCOME
9) INCOME TAX LIABILITY
B) Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremys tax liability including the tax on the capital gain?
Same 9 questions from above
c)
Assume the original facts except that Jeremy had only $6,000 in itemized deductions. What is Jeremys total income tax liability? Same 9 questions as above for this one too. |
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