Reference-
Johnny earned $100,000 in salary and $6,000 in interest income during the year. Johnny's employer withheld $11,000 of federal income taxes from Johnny's paychecks during the year. Johnny has one qualifying dependent child who lives with him. Johnny qualifies to file as head of household and has $23,000 in itemized deductions.
Assume that in addition to the original facts ($106,000 of ordinary gross income), Johnny sold Amazon shares that he bought for $6,000 on 1/1/18 for $10,000 on 12/31/19. You may use the IRS instructions to form 1040. (2018)
1. Based on the Q above, explain how it could be that billionaires pay a lower effective tax rate than middle class people.
1a. Why is this regressive, and how does it relate to taxes?
1b, What is the opposite of regressive in the context of taxes? Explain
1c. What are two other types of taxes, besides income taxes (i.e. Form 1040) that are regressive and why?
- Other type a.
- Other type b.
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
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...
QUESTION 1 Jeremy earned $90,000 in salary and $6,000 in interest income in the current 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. Jeremey qualifies to file as head of household and has $23,000 in itemized deductions. What is Jeremy's tax refund or taxes due? QUESTION 2 Jeremy earned $90,000 in salary, $6,000 in interest income and a long-term capital gain of $4,000...
[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 $11,200 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. (Use the tax rate schedules.) etermine Jeremy's tax refund or taxes due Answer is complete but not entirely correct Amount...
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...
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.
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.
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)...
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...
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)...
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 $ federal incom him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the t e taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with Problem 4-28 Part-c c. Assume the original facts except that Jeremy had only $7,000 in itemized deductions....