Question
Part A. Jeremy earned $95,000 in salary, $6,000 in interest income and a long-term capital gain of $4,000 during the year. Jeremy has two qualifying
Part A. Jeremy earned $95,000 in salary, $6,000 in interest income and a long-term capital gain of $4,000 during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $17,000 in itemized deductions. Neither of his dependents qualifies for the child tax credit. Use the 2017 tax rate schedules to determine Jeremys taxes due including the tax on the capital gain.
Part B. Jeremy earned $95,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $7,000 in itemized deductions. Neither of his dependents qualifies for the child tax credit. Use the 2017 tax rate schedules to determine Jeremys taxes due.
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