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Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's
Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) Required: a. Determine Jeremy's tax refund or taxes due. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax refund or tax due including the tax on the capital gain? c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due? Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine Jeremy's tax refund or taxes due. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income Amount $ 106,000 0 $ 106,000 (4) Standard deduction (5) Itemized deductions 23,000 (6) Greater of standard deduction or itemized deductions 23,000 (7) Taxable income $ 83,000 (8) Income tax liability (9) Child tax credit (10) Tax withholding < Required A Required B >
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