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Please bold answer in explanation Jeremy earned $100,800 in salary and $6,800 in interest income during the year. Jeremy's employer withheld $11,000 of federal income
Please bold answer in explanation
Jeremy earned $100,800 in salary and $6,800 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 $26,200 in itemized deductions. (Use the tax rate schedules.) CARES Problem 4-29 Part-c (Algo) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) (7) Taxable income (8) Income tax liability (9) Credits $ 0 (10) Tax withholding David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,245. They have made prepayments of $1,915 they receive a child tax credit of $500, and a recovery rebate credit of $2,900 (they did not receive this in advance). What is the amount of their tax refund or taxes due? Description Amount Total tax (1) (2) (3) (4)Step by Step Solution
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