Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jeremy (unmarried) earned $100,200 in salary and $6,200 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's
Jeremy (unmarried) earned $100,200 in salary and $6,200 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 $23,200 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 $4,550. What is Jeremy's tax refund or tax due including the tax on the capital gain? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. c. Assume the original facts except that Jeremy has only $7,500 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. (1) Gross income Description Amount $ 106,400 Required A Required B Required C Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income $ 106,400 (2) For AGI deductions 0 (3) Adjusted gross income $ 106,400 (4) Standard deduction 19,400 (5) Itemized deductions 23,200 (6) Greater of standard deduction or itemized deductions 23,200 (7) Taxable income $ 83,200 (8) Income tax liability $ 12,421 (9) Child tax credit (10) Tax withholding Tax due 2,000 10,000 $ 421 Required A Required B > Required A Required Required C Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,550. What is Jeremy's tax refund or tax due including the tax on the capital gain? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due Description Amount $ 110,950 0 $ 110,950 19,400 23,200 23,200 $ 87,750 $ 13,104 2,000 10,000 $ 1,104 Brou 1 of 15 HH Next 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 $7,500 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due? Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (7) Charitable contributions (8) Taxable income (9) Income tax liability (10) Child tax credit (11) Tax withholding Amount S 0 $ 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started