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. 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. Amount $ 106,000 0 $ 106,000 Description (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 Tax (refund) 23,000 23,000 83,000 $ 2,000 11,000

Answer 1

Description	Amount ($)	Remarks
Gross Income	106,000	Salary 100,000 and Interest 6,000
For AGI Deductions	NIL
Adjusted Gross Income	106,000
Standard Deduction	18,350	For 2019-20 $18,350 is standard deduction for heads of household.
Itemized deductions	23,000	Given
(-) Greater of standard deduction and itemized deductions	23,000
Taxable Income	83,000	106,000-23,000
Income Tax liability	12,608	Schedule Z is applicable. 6,162+22% of (83,000-53,700)
Child Tax credit	2,000	Given
Tax withholding	11,000	Given
Tax Refund	392	12,608-2,000-11,000

Tax refund will be $ 392

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