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Required information (The following information applies to the questions displayed below.) Kelly has $101,800 in salary and $7,800 in interest income for the year. Kelly's
Required information (The following information applies to the questions displayed below.) Kelly has $101,800 in salary and $7,800 in interest income for the year. Kelly's employer withheld $11,000 of federal income taxes from Kelly's compensation during the year. Kelly has one qualifying dependent child who lives with him. Kelly qualifies to file as head of household and has $31,200 in itemized deductions. (Use the tax rate schedules.) b. In addition to the original facts, Kelly has a 15% long-term capital gain of $12,550. What is Kelly'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.) Description Amount (1) Gross income $ 0 (2) For AGI deductions (3) Adjusted gross income Standard deduction (5) Itemized deductions (6) (7) Taxable income $ 0 (8) Income tax liability (9) Child tax credit (10) Tax withholding
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