Jeremy earned $100,000 in salary and $6,000 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 $23,000 in itemized deductions.
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 due including the tax on the capital gain?
Homework Answers
Part B
|
Description |
Amount |
|
|
1 |
Gross income (100000+6000+4000) |
110000 |
|
2 |
For AGI deductions |
0 |
|
3 |
Adjusted gross income |
110000 |
|
4 |
Standard deduction |
18000 |
|
5 |
Itemized deductions |
23000 |
|
6 |
Greater of standard deductions or itemized deductions |
23000 |
|
7 |
Taxable income |
87000 |
|
8 |
Income tax liability |
$13418 (12698+(24%*(83000-82500))+(4000*15%) |
|
9 |
Child tax credit |
2000 |
|
10 |
Tax withholding |
11200 |
|
Taxes due |
$218 |
Add Answer to:
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...
Jeremy earned $100,000 in salary and $6,000 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 $23,000 in itemized
deductions.
a. Determine Jeremy’s tax refund or taxes
due.
Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income Standard deduction (5) Itemized deductions (6) Taxable income...
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 $11,200 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 $23,000 in itemized
deductions.
c. Assume the original facts except that Jeremy
had only $7,000 in itemized deductions. What is Jeremy’s tax refund
or tax due?
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Multiple Choice
19.77%
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Jeremy earned $100,900 in salary and $6,900 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 $26,700 in itemized
deductions. (Use the tax rate schedules.)
rev: 07_06_2018_QC_CS-130826
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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. Tax
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b. Her $46,800 of taxable income includes $1,400 of qualified
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c. Her $46,800 of...
Jeremy earned $100,000 in salary and $6,000 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 $23,000 in itemized
deductions.
a. Determine Jeremy’s tax refund or taxes
due.
Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income Standard deduction (5) Itemized deductions (6) Taxable income...
Jeremy earned $100,000 in salary and $6,000 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 $23,000 in itemized
deductions.
c. Assume the original facts except that Jeremy
had only $7,000 in itemized deductions. What is Jeremy’s tax refund
or tax due?
Description Amount (1) Gross income (2) For...
Brian and Kim have a 12-year-old child, Stan. For 2018, Brian
and Kim have taxable income of $52,000, and Stan has interest
income of $4,500.
Click here to access the income tax rate schedules.
If Stan’s parents elected to report Stan’s income on his
parents’ return, what would the tax on Stan’s income be?
2018 Tax Rate Schedules The tax is: of the amount over- Schedule X-If your filing status is Single If your taxable income is: But not Over-...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is $ 9,525 10% of taxable income $ 9,525 $ 38,700 S 82,500 $952.50 plus 12 % of the excess over $9,525 38,700 S S2,500 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $157,500 $32,089.50 plus 32% of the excess over $157,500 $157,500 $200,000 $200,000 $500,000 $45,689.50 plus 35% of the excess over S200,000 $150,689.50...
Marc, a single taxpayer, earns $135,000 in taxable income and
$2,500 in interest from an investment in city of Birmingham Bonds.
Using the U.S. tax rate schedule for year 2018, what is his average
tax rate? (Use tax rate schedule)
Multiple Choice
19.77%
16.54%
11.96%
26.54%
None of the choices are correct.
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,525 10% of taxable income $ 9,525...
Jeremy earned $100,900 in salary and $6,900 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 $26,700 in itemized
deductions. (Use the tax rate schedules.)
rev: 07_06_2018_QC_CS-130826
c. Assume the original facts except that Jeremy
had only $7,000 in itemized deductions. What is Jeremy’s tax refund
or tax due?...
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$46,800. 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. Tax
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