Required information Problem 4-29 (LO 4-1) (Algo) (The following information applies to the questions displayed below.] Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) Problem 4-29 Part-a (Algo) a. Determine Jeremy's tax refund or taxes due. Description Amount $ 109,800 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction $ 109,800 6,220 31,700 (5) Itemized deductions $ 109,800 $ 11,478 (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding 0 12,000 $ 522 ! Required information Problem 4-29 (LO 4-1) (Algo) (The following information applies to the questions displayed below.) Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, including $2,000 of charitable contributions to his church. (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 $13,050. 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.) Amount $ 122,850 0 $ 122,850 18,800 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due 31,700 31,700 $ 91,150 $ 13,436 2,000 10,000 $ 565 Required information Problem 4-29 (LO 4-1) (Algo) (The following information applies to the questions displayed below.] Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) 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? Amount Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions $ 0 $ 0 (7) Charitable contribution (8) Taxable income (9) Income tax liability (10) Child tax credit (11) Tax withholding