Homework Answers
| Description | Amount | Computation |
| (1)Gross Income | $106,000 | $100,000 Salary+ $6000 Interest income |
| (2)For AGI Deductions | 0 | |
| (3)Adjusted Gross Income | $106,000 | (1) - (2) |
| (4)Standard Deduction | $18,350 | Head of Household - for the year 2019 |
| (5)Itemized deductions | Itemized deduction is eliminated for the year 2019 | |
| (6)Greater of standard deduction and itemized deductions | $18,350 | |
| (7)Taxable Income | $87,650 | (3) - (6) |
| (8)Income Tax liability | $13,790 | 12962+(87650-84200)*24% |
| (9)Child Tax credit | $2,000 | |
| (10)Tax withholding | $11,000 | |
| Income Tax liability | $790 | (8) - (9) - (10) |
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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...
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...
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,900 in salary...
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,900 in salary and $6,900 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 $26,700 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income...
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized
deductions. (Use the tax rate schedules.)
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income...
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized
deductions. (Use the tax rate schedules.)
a. Determine Jeremy’s tax refund or taxes
due.
b. Assume that in addition to the original
facts, Jeremy has a long-term capital gain of...
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $101,900 in salary and $7,900 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 $31,700 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?
Individuals Schedule...
Return to Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's...
Return to 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.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax refund...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld...
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.) b. 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...
Required information Problem 8-47 (LO 8-1) [The following information applies to the questions displayed below.] Whitney...
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
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...
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,900 in salary and $6,900 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 $26,700 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income...
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized
deductions. (Use the tax rate schedules.)
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income...
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized
deductions. (Use the tax rate schedules.)
a. Determine Jeremy’s tax refund or taxes
due.
b. Assume that in addition to the original
facts, Jeremy has a long-term capital gain of...
Jeremy earned $101,900 in salary and $7,900 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 $31,700 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?
Individuals Schedule...
Return to 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.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax refund...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
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.) b. 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...
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
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