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Required information [The following information applies to the questions displayed below.] Jeremy earned $100,000 in salary and $6,000 in interest income during the year.
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,000 in salary and $6,000 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 $23,000 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). Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income Amount $ 106,000 0 $ 106,000 (4) Standard deduction (5) Itemized deductions 23,000 (6) Greater of standard deduction or itemized deductions 23,000 (7) Taxable income $ 83,000 (8) Income tax liability (9) Credits (10) Tax withholding Tax (refund) 2,000 11,000
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