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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 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? Description Amount (1) Gross income $ 106,000 (2) For AGI deductions (3) Adjusted gross income $ 106.000 (4) Standard deduction 18.350 (5) Itemized deductions 7.000 (6) Greater of standard deduction or temized deductions 18.350 (7) Charitable contributions $ 0 (8) Taxable income $ 87,650 (9) Income tax ability $ 13,790 (10) Child tax credit (11) Tax withholding 2,000
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