Question

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. Jeremey qualifies to file as head of household and has $23,000 in itemized deductions.  You may use the book chapter 4, PowerPoints, or the IRS instructions to form 1040.  

(2) Prepare Jeremy’s tax return including form 1040 and Schedule A based on the limited information provided.  For itemized deductions, fill in only the last line of Schedule A.  Find the forms on your own through Google.  Be sure to use 2019 forms.

Answer 1

Plain text calculation on Tax liability / refund . Not updated any FORM 1040  

Answer a)
	Details	Amount $
	Gross Income
	Salary	1,00,000
	Interest Income	6,000
	Gross Income -D	1,06,000
	For AGI Deduction	-
	Adjsuted Gross Income	1,06,000
	Standard deduction ( as per 2019 rule)-A	18,350
	Itemizd deduction-B	23,000
Less	Greater than above ( A &B)=C	23,000
	Taxable Income(D-E)	83,000
	Income tax Liability=F	12,698
	( $6065
	($83000-$52850)*22%
	12,698
Less	Child Tax Credit ( per 2019 rule )-G	2,000
Less	Tax Withholding -H	11,000
	Tax refund (F-G-H)	-302
As per 2019 , child tax credit rule ,
Maximum credit per child $ 2000
Will be phased by $ 50 per $1000
or proportionate increase in Modified
income of $ 200000
In case of single and head of household
$2000