Required information The following information applies to the questions displaye

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Required information The following information applies to the questions displayed below Jeremy earned $102,400 in salary and $8,400 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 $34,200 in itemized deductions. (Use the tax rate schedules.) 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 AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding

Explanation / Answer

****$ 15170 = (92800-82500)*0.24+12698

Gross income $ 1,10,800.00 For AGI $                     -   Adjusted GI $ 1,10,800.00 Sd Deduction $      18,000.00 Itemized Deduction $        7,000.00 Greater of both $      18,000.00 Taxable Income $      92,800.00 Income Tax Liab. $      15,170.00 Child Tax Credit $        2,000.00 Tax Withholding $      11,200.00 Tax Due $        1970.00

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