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Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld...

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.

Determine Jeremy’s tax refund or taxes due.

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Expert Solution

Answer :-
Taxable income Slab Rate
0-9700 10%
9701- 39475 12%
39476-84200 22%
Salary 100000
Interest Income 6000
Withhold Tax by Employer 11000
Deductions 23000
Total Income 106000
Deduction 23000
Net Income 83000
Total tax Liability
Taxable income Slab Taxable Income Tax Liability
0-9700 9700                     970
9701- 39475 29775                 3,573
39476-84200 43525                 9,576
Total 83000               14,119

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