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[The following information applies to the questions displayed below.] Jeremy earned $102,400 in salary and $8,400 in interest income during the year. Jeremy's employer
[The following information applies to the questions displayed below.] Jeremy earned $102,400 in salary and $8,400 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 $34,200 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description (1) Gross income Amount $ 110,800 (2) For AGI deductions (3) Adjusted gross income $ 110,800 (4) Standard deduction 18,000 (5) Itemized deductions 34,200 (6) Greater of standard deduction or itemized deductions 34,200 (7) Taxable income $ 76,600 (8) Income tax liability (9) Child tax credit 2,000 (10) Tax withholding Tax due 11,000
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