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 $8,050. What is Jeremy’s tax refund or tax due including the tax on the capital gain?

c. Assume the original facts except that Jeremy had only $7,000 in itemized deductions. What is Jeremy’s tax refund or tax due?

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ekkarill92 answered 2 years ago

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Jeremy earned $100,900 in salary and $6,900 in interest income during the year. Jeremy’s employer withheld...

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