Jeremy (unmarried) earned $100,500 in salary and $6,050 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 $24,000 in itemized deductions. (Use the tax rate schedules, Tax rates

for Net Capital Gains and Qualified Dividends.)

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 $4,040. 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 $7,050 in itemized

deductions. What is Jeremy's tax refund or tax due?

\begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Description } & Amount \\ \hline (1) Gross income & \\ \hline (2) For AGl deductions & \\ \hline (3) Adjusted gross income & \\ \hline (4) Standard deduction & \\ \hline (5) Itemized deductions & \\ \hline (6) Greater of standard deduction or itemized deductions & \\ \hline (7) Taxable income & \\ \hline (8) Income tax liability & \\ \hline (9) Child tax credit & \\ \hline (10) Tax withholding & \\ \hline Tax due & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Description } & Amount \\ \hline (1) Gross income & \\ \hline (2) For AGl deductions & \\ \hline (3) Adjusted gross income & \\ \hline (4) Standard deduction & \\ \hline (5) Itemized deductions & \\ \hline (6) Greater of standard deduction or itemized deductions & \\ \hline (7) Taxable income & \\ \hline (8) Income tax liability & \\ \hline (9) Child tax credit & \\ \hline (10) Tax withholding & \\ \hline Tax due & \\ \hline \end{tabular}