Question
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary...
Required information [The following information applies to the questions displayed below.) 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.) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (7) Taxable income (8) Income tax lability (9) Child tax credit (10) Tax withholding
Answers
(c) -- Assume the original facts except that Jeremy had only $7000 in itemized deductions. What is Jeremy’s tax refund or tax due?
Answer -
Computation of Jeremy's (Tax Refund) / Tax Due for Tax Year 2019
Description Explanation Amount ($) (1) Gross income Salary + Interest income 106000 (2) For AGI deductions - 0 (3) Adjusted gross income Same as gross income 106000 (4) Standard deduction Standard deduction for head of household 18350 (5) Itemized deductions Given in question 7000 (6) Greater of standard deduction or itemized deductions Greater of: (4) or (5) 18350 (7) Taxable income Adjusted gross income - Standard deduction 87650 (8) Income tax liability Refer working note - (1) 13790 (9) Child tax credit $2000 per child 2000 (10) Tax withholding Given in question 11000 Tax Due $13790 - $2000 - $11000 790 # Working note - (1) - Computation of Jeremy's Tax Liability for Tax Year 2019 -
Tax Rate Taxable Income ($) Calculation Amount ($) I. 10% 0 - 13850 $13850 * 10% 1385 II. 12% 13851 - 52850 ($52850 - $13850) * 12% 4680 III. 22% 52851 - 84200 ($84200 - $52850) * 22% 6897 IV. 24% 84201 - 160700 ($87650 - $84200) * 24% 828 Jeremy's Tax Liability I + II + III + IV 13790
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