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The following information applies to the questions displayed below Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremys 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 Jeremys 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. What is Jeremys tax refund or tax due? 2) For AGI (5) Itemized deductions (8) Income tax I (9) Child tax credit
in salary and $6,000 in interest Income during the year. Jeremys employer withheld $11,200 of him. Jeremy qualifies to fle as head of household and has $23,000 In itemized deductions. (Use the tax.rate.schedules.) 10 points (4) Standard
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S 13,600 S 13,600 $1,500 plus 12% ofthe enoess over $13.600 $157,500 S 9525 $ 38,700 $ 82,500
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Sign of amount of Deductions or Less or credit can be negative or positive per question requirement. Solution:C) Description Amount 106000 0 106000 18,000 $ 7,000 18,000 88,000 $14,018 S 2,000 S 11,200 $ 818 1Gross Income 2 For AGI Deduction 3 Adjusted Gross Income 4 Standard Deduction (per 2018 rule) 5 Itemized Deduction Less: Greater of Standard or Itemized deduction 7 Taxable Income (106000-18000) Income tax liablity (12698) + (88000-82500)*24% (per 2018 rule) 9 Child tax credit 10 Tax Withholding Less: Less: Tax due (Amount sign can be negative) As per 2018, Child tax credit rule, Maximum credit per child is $2000. Will be phaseout by $50 per $1000 or proportion Increase in Modified income of $200000, in case of single and Head of household Therefore, S 2,000

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