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Jeremy earned $100,000 In salary and $6,000 in Interest Income during the year. Jeremys employer withheid $11,200 of federal Income taxes from Jeremys paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to fle as head of household and has $23,000 in ltemized deductions. (Use the Part 2 of 3 10 points Problem 4-28 Part-b b. Assume that in adition to the orlginal facts, Jeremy has a long-term capital gain of $4000 What is Jeremys tax refund or tax due Printincluding the tax on the capital gain? (2) For AGI deductions (5) Itemized deductions r of standard deduction or d deductions (10) Lesser of standard deduction or itemized deductions KPrev2 3 of 47Next 31
2 $11,200 of federal lincome taxes from Jeremys paychecks during the year. Jeremy has one qualitying dependent child who lves with him. Jeremy qualfies to flle as heed of deductions. (Use the and has $23,000 in itemized Part 2 of 3 10 points Problem 4-28 Part-b b. Assume that including the tax on the capital gain? in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremys tax refund or tax due elook (4) Standard (10) Tax withhoiding 23of 47 Next > < Prev 31
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S 13,600 S 13,600 S 51,800 $ 82,500 The tax i 9.525 9325 5 38,700 S 82.500 S 82.500
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Sign of amount of Deductions or Less or credit can be negative or positive per question requirement. Solution:b) Description Amount 110000 0 110000 18,000 $23,000 23,000 $ 87,000 $ 13,418 S 2,000 S 11,200 $ 218 1Gross Income 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 Taxabl 8 e Income (110000-23000) Income tax liablity 9 Child tax credit (12698)+(83000-82500)*24% +(4000*15%) (per 2018 rule) Less Less: 10 Tax Withholding Tax due (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, S 2,000

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