Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] Jeremy earned $101,150 in salary and $6,575 in interest income during the year.
Required information [The following information applies to the questions displayed below.] Jeremy earned $101,150 in salary and $6,575 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 $33,700 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). Description Amount $ (1) Gross income 107,725 (2) For AGI deductions 0 $ (3) Adjusted gross income 107,725 (4) Standard deduction (5) Itemized deductions 33,700 Greater of standard deduction or itemized (6) 33,700 deductions $ 74,025 (7) Taxable income (8) Income tax liability (9) Credits (10) Tax withholding
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started