Question
In: Accounting
1. Jeremy earned $95,000 in salary and $6,000 in interest income in the current year. Jeremy’s...
1. Jeremy earned $95,000 in salary and $6,000 in interest income in the current 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. Jeremey qualifies to file as head of household and has $23,000 in itemized deductions. What is Jeremy’s tax refund or taxes due?
2. Jeremy earned $95,000 in salary, $6,000 in interest income and a long-term capital gain of $4,000 during the current 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. What is Jeremy’s tax refund or taxes due?
3. Jeremy earned $95,000 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. Jeremey qualifies to file as head of household and has $7,000 in itemized deductions. What is Jeremy’s tax refund or taxes due?
Solutions
ekkarill92 answered 2 years 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 $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.
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?
1. Jeremy earned $200,000 in salary and $5,000 in interest income during the year. Jeremy has...
1. Jeremy earned $200,000 in salary and $5,000
in interest income during the year. Jeremy has two qualifying
dependent children who live with him. He qualifies to file as head
of household and has $17,500 in itemized deductions. Neither of his
dependents qualifies for the child tax credit. (use the
2017 tax rate schedules.). (Do not round
intermediate calculations. Round "Income tax liability" to 2
decimal places.)
a. Use the 2017 tax rate
schedules to determine Jeremy’s taxes due.
Description...
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