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Required Informetlon The following Information applies to the questions displayed below Jeremy earned $101,100 In salary and $7,100 In Interest Income during the year. Jeremys employer withheld $11,200 of federal Income taxes from Jeremys paychecks during the year. Jeremy has one quallfying dependent child who lives with him. Jeremy qualifies to file as head of household and has $27,700 In Itemized deductions. (Use the tax rate schedules.) c. Assume the original facts except that Jeremy had only $7,000 In ltemized deductions. What Is Jeremys tax refund or tax due? Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability () Child tax credit (10) Tax withholding 5 108,200 5 108,200 18,000 7,000 18,000 5 90,200 2,000 11,200 Taxes due

Having issues calculating Income Tax Liability

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Sign of amount of Deductions or Less or credit can be negative or positive per question requirement. Solution: C) Description Amount 108200 0 108200 $ 18,000 $ 7,000 $ 18,000 $ 90,200 $ 14,546 $2,000 $ 11,200 $ 1,346 1Gross Income (101100+7100) 2 For AGI Deduction 3 Adjusted Gross Income 4 Standard Deduction (per 2018 rule) 5 Itemized Deduction Less Greater of Standard or Itemized deduction 7 Taxable Income (108200-18000) Income tax liablity Child tax credit Tax Withholding Taxes due (12698) + (90200-82500)*24% (per 2018 rule) Less Less 10 (Amount sign can be negative) As per 2018, Child tax credit rule, Maximum credit per child is $2000. Will be phaseout by $50 per $1000 or proportion Increase in Modified income of $200000, in case of single and Head of household Therefore, $ 2,000

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