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Jeremy (unmarried) earned $100,800 In salary and $6,800 in Interest Income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks
Jeremy (unmarried) earned $100,800 In salary and $6,800 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 $23,800 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 $7,550. 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 $4,500 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 (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 Description Amount < Required A Required B > 2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $539,900 - The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 83,550 $ 178,150 $340,100 $ 431,900 $ 647,850 $ 20,550 $ 83,550 $ 178,150 $340,100 $ 431,900 $647,850 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,650 $ 14,650 $ 55,900 $ 55,900 $ 89,050 $ 89,050 $ 170,050 $ 215,950 $ 170,050 $ 215,950 $539,900 $539,900 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539,900 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $87.126.75 plus 37% of the excess over $323,925
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