Question
Need help with the following three cases please provide work! The following information applies to the questions displayed below.] Jeremy earned $101,500 in salary and
Need help with the following three cases please provide work!
The following information applies to the questions displayed below.] Jeremy earned $101,500 in salary and $7,500 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $29,700 in itemized deductions. (Use the tax rate schedules.)
[The following information applies to the questions displayed below.] Jeremy earned $101,500 in salary and $7,500 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $29,700 in itemized deductions. (Use the tax rate schedules.)
[The following information applies to the questions displayed below.] Jeremy earned $101,500 in salary and $7,500 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $29,700 in itemized deductions. (Use the tax rate schedules.)
c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremys tax refund or tax due?
1 ! Required information a. Determine Jeremy's tax refund or taxes due. f3 Amount $ 109,000 0 $ ok t Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax (refund) t 109,000 18,798 (29,700) (29,700) 79,300 (16,998) (2,000) (11,000) (1,116) nces $ $ b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $11,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Amount $ 120,050 0 $ Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due $ 120,050 (27,700) (29,700) (29,700) 90,350 13,542 (2,000) (11,000) 542 $ $ Answer is not complete. Amount (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Description Gross income For AGI deductions Adjusted gross income Standard deduction Itemized deductions Greater of standard deduction or itemized deductions Taxable income $ 108,500 X 0 $ 108,500 18,000 X 29,700 X 29,700 $ 78,800 Income tax liability Child tax credit 2,000 11,000 Tax withholding Tax dueStep by Step Solution
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