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! Required information [The following information applies to the questions displayed below.] Jeremy earned $101,050 in salary and $6,525 in interest income during the year.
! Required information [The following information applies to the questions displayed below.] Jeremy earned $101,050 in salary and $6,525 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 $32,700 in itemized deductions. Assume CARES Act applies. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due (assume Jeremy did not receive the recovery rebate in advance of filing his tax return). X Answer is not complete. Description Amount Gross income $ 107,575 For AGI deductions 0 Adjusted gross income Standard deduction Itemized deductions (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) $ 107,575 18,650 32,700 32,700 $ 74,875 Greater of standard deduction or itemized deductions Taxable income Income tax liability $ 10,821 Credits 780 x 11,000 Tax withholding Tax (refund)
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