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Jeremy (unmarried) earned $100,400 in salary and $6,400 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's
Jeremy (unmarried) earned $100,400 in salary and $6,400 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 $23,400 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 $5,550. 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 $6,500 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 Assume that in addition to the original facts, Jeremy has a long-term capital gain of $5,550. 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) temized deductions Description $ Amount Prev 1 of 15 Next >
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