Check my w line touowing inrormation applies to tne questions displayea below. J

Question

Check my w line touowing inrormation applies to tne questions displayea below. Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremy's employer withheld $11,200 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 $30,200 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions $ 109,200 $ 109,200 $ 109,200 (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding

Explanation / Answer

a Jeremy's tax refund or taxes due. Description Amount 1 Gross Income $109,200 2 For AGI Deductions $0 3 Adjusted gross income $109,200 4 Standard Deduction $0 5 Itemisized Deduction $30,200 6 Taxable income $79,000 7 Income tax liability for income upto $51800 $5,944 For income from $51800 to $79000 @ 22% $5,984 Total tax liability $11,928 8 Child tax credit $2,000 9 Tax withholding $11,200 10 Tax refund ($1,272) b Jeremy's tax refund or taxes due assuming Jeremy has a long term capital gain of $11550 Description Amount 1 Gross Income $120,750 2 For AGI Deductions $0 3 Adjusted gross income $120,750 4 Standard Deduction $0 5 Itemisized Deduction $30,200 6 Taxable income $90,550 7 Income tax liability for income upto $51800 $5,944 For income from $51800 to $79000 @ 22% $5,984 Capital gain tax @ 15% $1,733 Total tax liability $13,661 8 Child tax credit $2,000 9 Tax withholding $11,200 10 Tax due $461

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