Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please advise if these are correct. Jeremy earned $102,100 in salary and $8,100 in interest income during the year. Jeremy's employer withheld $11,000 of federal

please advise if these are correct.

image text in transcribed
Jeremy earned $102,100 in salary and $8,100 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $32,700 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $14,050. 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.) Description Amount Gross income 124,250 For AGI deductions Adjusted gross income 124,250 Standard deduction 18,650 Itemized deductions 32,700 Greater of standard deduction or itemized deductions 32.700 Taxable income 91,550 Income tax liability 3,054 Child tax credit 2,000 (10) Tax withholding 11,000 Tax due (9,946)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction

Authors: Pauline Weetman

4th Edition

0273703404, 978-0273703402

More Books

Students also viewed these Accounting questions