Question
In: Finance
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.
Solutions
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 |
jeff jeffy answered 5 months agoRelated Solutions
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 $11,200 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 $23,000 in itemized
Deductions.
a) Determine Jeremy’s
tax refund or taxes due.
b) Assume that in
addition to the original facts, Jeremy has a long-term capital
gain of
$4,000. What is Jeremy’s...
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. Jeremey
qualifies to file as head of household. Assume the original facts
except that Jeremy had only $7,000 in itemized deductions. ( use
2019 )
(1.3) Determine Jeremy’s tax refund or taxes due. You must show
work.
(0.3) Copy and paste the applicable...
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. (Use the tax rate schedules.)
a. Determine Jeremy’s tax refund or taxes due.
b. Assume that in addition to the original facts, Jeremy has a
long-term capital gain of...
Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $101,600 in salary and $7,600 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 $30,200 in itemized
deductions. (Use the tax rate schedules for 2020)
a. Determine Jeremy’s tax refund or taxes due.
Description Amount
(1) Gross income =
(2) For AGI deductions =
(3) Adjusted gross...
Jeremy earned $100,200 in salary and $6,200 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $100,200 in salary and $6,200 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 $23,200 in itemized
deductions.
A. Determine Jeremy’s tax refund or taxes due.
(1)
Gross income
$106,400
(2)
For AGI deductions
0
(3)
Adjusted gross income
$106,400
(4)
Standard deduction
18,350
(5)
Itemized deductions...
Jeremy earned $100,900 in salary and $6,900 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $100,900 in salary and $6,900 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 $26,700 in itemized
deductions. (Use the tax rate schedules.)
a. Determine Jeremy’s tax refund or taxes
due.
b. Assume that in addition to the original
facts, Jeremy has a long-term capital gain of...
Jeremy earned $102,100 in salary and $8,100 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $102,100 in salary and $8,100 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 $32,700 in itemized
deductions. (Use the tax rate schedules.)
A.) Determine Jeremy's tax refund.
B.) Assume that in addition to the original facts, Jeremy has a
long-term capital gain of $14,050. What is...
Jeremy earned $102,100 in salary and $8,100 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $102,100 in salary and $8,100 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 $32,700 in itemized
deductions. (Use the tax rate schedules.) Assume the original facts
except that Jeremy has only $7,000 in itemized deductions. What is
Jeremy’s tax refund or tax due?
Joe earned $100,000 in salary and $6,000 in interest income during the year. Joe’s employer withheld...
Joe earned $100,000 in salary and $6,000 in interest income
during the year. Joe’s employer withheld $11,000 of federal income
taxes from Joe’s paychecks during the year. Joe has one qualifying
dependent child who lives with him. Joe qualifies to file as head
of household and has $23,000 in itemized deductions.
Assume that in addition to the original facts ($106,000 of
ordinary gross income), Joe sold Amazon shares that he bought for
$6,000 on 1/1/18 for $10,000 on 12/31/19. You...
eremy earned $100,700 in salary and $6,700 in interest income during the year. Jeremy’s employer withheld...
eremy earned $100,700 in salary and $6,700 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 $25,700 in itemized
deductions. (Use the tax rate schedules.)
Problem 4-29 Part-a (Algo)
a. Determine Jeremy’s tax refund or taxes
due.
b. Assume that in addition to the original
facts, Jeremy has a...
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