Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

THE NUMBERS FILLED IN ADE CORRECT! I CANT FIGURE OUT THE STANDARD DEDUCTION AMOUNT OR THE INCOME TAX LIABILITY SO I CAN FIND THE TAX

image text in transcribed

THE NUMBERS FILLED IN ADE CORRECT! I CANT FIGURE OUT THE STANDARD DEDUCTION AMOUNT OR THE INCOME TAX LIABILITY SO I CAN FIND THE TAX AMOUMT DUE OR REFUND.

Required information The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary and $6.000 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 $23,000 in itemized deductions (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. 3 https://ezto-cf-media.theducati X + 6 C ezto cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spilker Apps M Gmail D YouTube Maps N NSU Home North... C Sign in or Sign Up ... ICLA Refer Amount $ 106,000 0 $ 106.000 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding 23.000 23,000 83,000 Schedule Z-Head of Household If taxable income is over: But not over: S 0 $ 14,100 $ 14.100 $ $ 53.700 $ 53,700 $ 85,500 $ 85,500 $163.300 $163,300 $207,350 S207,350 $518,400 $518.400 $ The tax is: 10% of taxable income $1.410 plus 12% of the excess over $14.100 $6.162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 $31.830 plus 32% of the excess over $163,300 $45.926 plus 35% of the excess over $207,350 $154.793.50 plus 37% of the excess over $518,400 2.000 11 000 Schedule Y-2-Married Filing Separately If taxable income is over:But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9.875 $ 40.125 $987.50 plus 12% of the excess over $9.875 $40125 S8S 525 S 617.50 plus 220 of the excess over $40 S Prey 1 2 3 of 9 Next > ch

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

Step: 3

blur-text-image

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 Medicare Recovery Audit Contractor Program A Survival Guide For Healthcare Providers

Authors: Duane C. Abbey

1st Edition

1439821003, 978-1439821008

More Books

Students also viewed these Accounting questions

Question

Decentralization has benefits and costs. Name three of each.

Answered: 1 week ago