Jeremy earned $101,700 in salary and $7,700 in interest income during the year. Jeremy's employer withheld...

 

 

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Jeremy earned $101,700 in salary and $7,700 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 $30,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-29 Part-b (Algo) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $12,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $9,875 $ 40,125 $ 85,525 $163,300 $207,350 $518,400 10% of taxable income $ 9,875 $ 40,125 $ 85,525 $163,300 $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $207,350 $33,271.50 plus 32% of the excess over $163,300 $518,400 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,750 $ 80,250 $171,050 $326,600 $414,700 $622,050 $163.300 $207,350 $518,400 The tax is: Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,100 $ 53,700 $ 85,500 $ 19,750 10% of taxable income- $ 80,250 $171,050 $1,975 plus 12% of the excess over $19,750 $9,235 plus 22% of the excess over $80,250 $326,600 $29,211 plus 24% of the excess over $171,050 $66,543 plus 32% of the excess over $326,600 $94,735 plus 35% of the excess over $414,700 $167,307 50 plus 37% of the excess over $622,050 $414,700 $622,050 The tax is: Schedule Y-2-Married Filing Separately If taxable income is over: But not over: 0 $ 9,875 S 9.875 5.40 125 The tax is: $ 14,100 10% of taxable income $ 53,700 $ 85,500 $163,300 S1410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 $207,350 $31.830 plus 32% of the excess over $163,300 $518,400 $45.926 plus 35% of the excess over $207,350 $154,793.50 plus 37% of the excess over $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9.875 MacBo Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,750 $ 80,250 $171,050 $326,600 $414,700 $622,050 Schedule Z-Head of Household If taxable income is over: But not over: 0 $ $ 14,100 $ 14,100 $ 53,700 $ 53,700 $ 85,500 $ 85,500 $163,300 $207,350 $518,400 $ 19,750 $ 80,250 $171,050 $326,600 $414,700 $622,050 $ 0 $ 9,875 $ 40,125 $ 85,525 $163,300 $207,350 $311,025 $163,300 $207,350 $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 9,875 $ 40,125 $ 85,525 The tax is: $163,300 $207,350 10% of taxable income $1,975 plus 12% of the excess over $19,750 $9,235 plus 22% of the excess over $80,250 $29,211 plus 24% of the excess over $171,050 $66,543 plus 32% of the excess over $326,600 $94,735 plus 35% of the excess over $414,700 $167,307 50 plus 37% of the excess over $622,050 The tax is: 10% of taxable income $1,410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 $31,830 plus 32% of the excess over $163,300 $45,926 plus 35% of the excess over $207,350 $154.793.50 plus 37% of the excess over $518.400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4.617.50 plus 22% of the excess over $40,125 $14.605.50 plus 24% of the excess over $85.525 $33.271.50 plus 32% of the excess over $163,300 $311,025 $47,367.50 plus 35% of the excess over $207,350 $83,653.75 plus 37% of the excess over $311,025 MacE Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.] Jeremy earned $101,700 in salary and $7,700 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 $30,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-29 Part-c (Algo) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? (1) Gross income (2) For AGI deductions (3) (4) (5) (6) (7) Adjusted gross income Standard deduction Remized deductions Taxable income < Prev S 3 Description of 38 Next > Amount 0 0 Jeremy earned $101,700 in salary and $7,700 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 $30,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-29 Part-b (Algo) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $12,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $9,875 $ 40,125 $ 85,525 $163,300 $207,350 $518,400 10% of taxable income $ 9,875 $ 40,125 $ 85,525 $163,300 $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $207,350 $33,271.50 plus 32% of the excess over $163,300 $518,400 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,750 $ 80,250 $171,050 $326,600 $414,700 $622,050 $163.300 $207,350 $518,400 The tax is: Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,100 $ 53,700 $ 85,500 $ 19,750 10% of taxable income- $ 80,250 $171,050 $1,975 plus 12% of the excess over $19,750 $9,235 plus 22% of the excess over $80,250 $326,600 $29,211 plus 24% of the excess over $171,050 $66,543 plus 32% of the excess over $326,600 $94,735 plus 35% of the excess over $414,700 $167,307 50 plus 37% of the excess over $622,050 $414,700 $622,050 The tax is: Schedule Y-2-Married Filing Separately If taxable income is over: But not over: 0 $ 9,875 S 9.875 5.40 125 The tax is: $ 14,100 10% of taxable income $ 53,700 $ 85,500 $163,300 S1410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 $207,350 $31.830 plus 32% of the excess over $163,300 $518,400 $45.926 plus 35% of the excess over $207,350 $154,793.50 plus 37% of the excess over $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9.875 MacBo Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,750 $ 80,250 $171,050 $326,600 $414,700 $622,050 Schedule Z-Head of Household If taxable income is over: But not over: 0 $ $ 14,100 $ 14,100 $ 53,700 $ 53,700 $ 85,500 $ 85,500 $163,300 $207,350 $518,400 $ 19,750 $ 80,250 $171,050 $326,600 $414,700 $622,050 $ 0 $ 9,875 $ 40,125 $ 85,525 $163,300 $207,350 $311,025 $163,300 $207,350 $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 9,875 $ 40,125 $ 85,525 The tax is: $163,300 $207,350 10% of taxable income $1,975 plus 12% of the excess over $19,750 $9,235 plus 22% of the excess over $80,250 $29,211 plus 24% of the excess over $171,050 $66,543 plus 32% of the excess over $326,600 $94,735 plus 35% of the excess over $414,700 $167,307 50 plus 37% of the excess over $622,050 The tax is: 10% of taxable income $1,410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 $31,830 plus 32% of the excess over $163,300 $45,926 plus 35% of the excess over $207,350 $154.793.50 plus 37% of the excess over $518.400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4.617.50 plus 22% of the excess over $40,125 $14.605.50 plus 24% of the excess over $85.525 $33.271.50 plus 32% of the excess over $163,300 $311,025 $47,367.50 plus 35% of the excess over $207,350 $83,653.75 plus 37% of the excess over $311,025 MacE Required information Problem 4-29 (LO 4-1) (Algo) [The following information applies to the questions displayed below.] Jeremy earned $101,700 in salary and $7,700 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 $30,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-29 Part-c (Algo) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? (1) Gross income (2) For AGI deductions (3) (4) (5) (6) (7) Adjusted gross income Standard deduction Remized deductions Taxable income < Prev S 3 Description of 38 Next > Amount 0 0

Answer rating: 100% (QA)

a Taxable income 101700 30700 11000 60000 Tax on taxable income 1160... View the full answer