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Required information [The following information applies to the questions displayed below.] Jeremy earned $101,800 in salary and $7,800 in interest income during the year. Jeremy's
Required information [The following information applies to the questions displayed below.] Jeremy earned $101,800 in salary and $7,800 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 $31,200 in itemized deductions. (Use the tax rate schedules.) . Determine Jeremy's tax refund or taxes due. Answer is complete and correct. Amount $ 109,600 (1) (2) (3) 0 Description Gross income For AGI deductions Adjusted gross income Standard deduction Itemized deductions Greater of standard deduction or itemized deductions (5) (6) $ 109,600 18,350 31,200 31,200 $ 78,400 11,686 2.000 11,000 $ (1,314) Taxable income Income tax liability Child tax credit Tax withholding Tax refund (8) (9) 10) Required information [The following information applies to the questions displayed below.] Jeremy earned $101,800 in salary and $7,800 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 $31,200 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $12,550. 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.) Answer is complete but not entirely correct. (1) (2) (3) (4) Description Gross income For AGI deductions Adjusted gross income Standard deduction Itemized deductions Greater of standard deduction or itemized deductions Taxable income Income tax liability Child tax credit Tax withholding Tax due (5) Amount $ 122, 150 0 $ 122,150 18,350 31,200 31,200 $ 90,950 $ 16,465 (6) (7) (8) 2,000 (9) (10) 11,000 1,582 $
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