! Required Information CARES Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.] Jeremy earned $101.200 in salary and $6.600 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 $34,200 in itemized deductions. Assume CARES Act applies. (Use the tax rate schedules.) CARES Problem 4-29 Part-a (Algo) a. Determine Jeremy's tax refund or taxes due (assume Jeremy did not receive the recovery rebate in advance of filing his tax return). 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 5987.50 plus 12% of the excess over 59,875 $ 40,125 $ 85,525 $4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 514.605.50 plus 24% of the excess over $85,525 S163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 547,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414.700 566,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622.050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 56.162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over 585,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 $518,400 545,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518.400 Answer is not complete. Amount 0 0 (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 Income tax liability Credits Tax withholding Tax (refund) 6 34,200 34,200 $ (34,200) 11,000
