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! Required information [The following information applies to the questions displayed below.] Jeremy earned $102,000 in salary and $8,000 in interest income during the
! Required information [The following information applies to the questions displayed below.] Jeremy earned $102,000 in salary and $8,000 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 $32,200 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Answer is complete but not entirely correct. (1) Gross income (2) For AGI deductions Description (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 Amount $ 110,000 0 $ 110,000 18,800 32,200 32,200 $ 77,800 $ 10,972 3,000 10,000 $ (2,028)
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