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Required information [The following information applies to the questions displayed below.] Jeremy earned $100,700 in salary and $6,700 in interest income during the year. Jeremy's
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,700 in salary and $6,700 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 $25,700 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. 2021 Tax Rate Schedules Individuals Srhadula X_Sinale Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$40 & $9,950 & 10% of taxable income \\ \hline$9,950 & $40,525 & $995 plus 12% of the excess over $9,950 \\ \hline$40,525 & $86,375 & $4,664 plus 22% of the excess over $40,525 \\ \hline$86,375 & $164,925 & $14,751 plus 24% of the excess over $86,375 \\ \hline$164,925 & $209,425 & $33,603 plus 32% of the excess over $164,925 \\ \hline$209,425 & $314,150 & $47,843 plus 35% of the excess over $209,425 \\ \hline$314,150 & & $84,496.75 plus 37% of the excess over $314,150 \\ \hline \end{tabular} b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,050. 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.) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due
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