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a. Determine Jeremys tax refund or taxes due. Description Amount (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 (9) Child tax credit (10) Tax withholding $ 107,400 $ 107,400 $ 107,400Required 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. Jeremys employer withheld $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 file as head of household and has $25,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-28 Part-a a. Determine Jeremys tax refund or taxes due. Description Amount 107,400 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction $ 107,400

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Sign of amount of Deductions or Less or credit can be negative or positive per question requirement. Solution:a) Description Amount 107400 0 107400 $ 18,000 $ 25,700 $ 25,700 $ 81,700 $ 12,522 $2,000 $ 11,200 $-678 1Gross Income (100700+6700) 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 Tax Refund (5944) + (81700-51800)*22% (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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