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Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.) Jeremy earned $101,300 in salary and $7,300 in interest
Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.) Jeremy earned $101,300 in salary and $7,300 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 $28,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-29 Part-b (Algo) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $10,050. 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.) Answer is not complete. Description (1) (2) (3) (4) (5) (6) Gross income For AGI deductions Adjusted gross income Standard deduction Itemized deductions Greater of standard deduction or itemized deductions Amount $ 118,650 0 $ 118,650 18,650 28,700 28,700 $ 89,950 $ 15,734 X 2,000 11,000 (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due
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