Hi I just need help getting (8). I keep getting 13634 which is incorrect
b. | Description | Amount | |
1 | Gross Income | $110,000 | |
2 | For AGI deductions | - | |
3 | Adjusted gross income | $110,000 | |
4 | Standard deduction | $18,350 | Head of household |
5 | Itemized deductions | $23,000 | |
6 | Greater of Standard deduction/Itemized deductions | $23,000 | |
7 | Taxable income | $87,000 | |
8 | Income tax liability | $13,298 | [$6,065 + ($83,000 - $52,850) x 22%] + $4,000 x 15% |
9 | Child tax credit | $2,000 | |
10 | Tax withholding | $11,000 | |
Tax Due | $298 |
Hi I just need help getting (8). I keep getting 13634 which is incorrect Problem 4-28...
What is the proper calculation to solving the income tax liability for this problem? 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...
Please show work. 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. Answer is complete and correct. Description Amount Gross income (1) (2) (3) (4)...
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.) a. Determine Jeremy's tax refund or taxes due. Description Amount $ 0 (1)...
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 (assume Jeremy did not receive the recovery rebate in advance of filing his tax return). Description...
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.) Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy’s tax refund or tax due...
Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 -...
Required information Problem 4-28 (LO 4-1) The following information applies to the questions displayed below.] Jeremy earned $100,700 in salary and $6,700 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 $25,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to...
Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.) Jeremy earned $101,500 in salary and $7,500 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 $29,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-29 Part-a (Algo) a. Determine Jeremy's tax...
ALL ANSWERS ALREADY PLACED ARE CORRECT 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.) termine Jeremy's tax refund or taxes due. Amount $ 106,000 $ 106,000 Description Gross income For AGI deductions...
Standard deduction is 18650 Use 2020 tax schedule ! Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.] Jeremy earned $102,000 in salary and $8,000 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 $32,200 in itemized deductions. (Use the tax rate...