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Jeremy (unmarried) earned $102,200 in salary and $8,200 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's
Jeremy (unmarried) earned $102,200 in salary and $8,200 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 $25,200 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 $14,550. 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 $3,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due? Required A Required B Required C Determine Jeremy's tax refund or taxes due. Description (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 Amount $ 0 $ 0 Required A Required B Required C Assume that in addition to the original facts, Jeremy has a long-term capital gain of $14,550. 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 Description Amount 0 0 Required A Required B Required C Assume the original facts except that Jeremy has only $3,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due? (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions Description (7) Charitable contributions (8) Taxable income (9) Income tax liability (10) Child tax credit (11) Tax withholding Amount $ 0 EA $ Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,650 $ 55,900 $ 89,050 $ 170,050 $ 215,950 $539,900 $ 14,650 $ 55,900 $ 89,050 $ 170,050 $ 215,950 $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
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