Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Return to quest 2 [The following information applies to the questions displayed below.) Part 2 of 3 Jeremy earned $100,900 in salary and $6,900 in

image text in transcribed

Return to quest 2 [The following information applies to the questions displayed below.) Part 2 of 3 Jeremy earned $100,900 in salary and $6,900 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 $26,700 in itemized deductions. (Use the tax rate schedules.) 1.75 points b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $8,050. 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.) Answer is complete but not entirely correct. Description Amount Gross income $ 115,850 0 For AGI deductions Adjusted gross income Standard deduction $ 115,850 18,650 Itemized deductions 26.700 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Greater of standard deduction or itemized deductions > 26,700 $ 89,150 Taxable income Income tax liability $ 4,839 X Child tax credit 2,000 Tax withholding Tax due 11,000 (8,161) X $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Operational Auditing Handbook Auditing Business And IT Processes

Authors: Andrew Chambers, Graham Rand

2nd Edition

0470744766, 978-0470744765

More Books

Students also viewed these Accounting questions