Question: Jeremy ( unmarried ) earned $ 1 0 1 , 5 0 0 in salary and $ 3 , 7 5 0 in interest income

Jeremy (unmarried) earned $101,500 in salary and $3,750 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $26,500 in itemized deductions. (Use the tax rate schedules, Tax rates for Net Capital Gains and Qualified Dividends.)
Required:
Determine Jeremy's tax refund or taxes due.
Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,140. What is Jeremy's tax refund or tax due including the tax on the capital gain?
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 Witholding
Assume the original facts except that Jeremy has only $8,500 in itemized deductions. What is Jeremy's tax refund or tax due?
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 Witholding
Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,140. What is Jeremy's tax refund or tax due including the tax on the capital gain?
Note: Round your intermediate calculations and final answer to the nearest whole dollar 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 Witholding
Assume the original facts except that Jeremy has only $8,500 in itemized deductions. What is Jeremy's tax refund or tax due?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
1) Gross Income
2) For AGI Deductions
3) Adjusted Gross Income
4) Standard Deduction
5) Itemized Deductions
7) Taxable Income
8) Income Tax Liability
9) Child Tax Credit
10) Tax Witholding
2024 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over:But not over:The tax is:$ 0$11,60010% of taxable income$ 11,600$ 47,150$1,160 plus 12% of the excess over $11,600$ 47,150$ 100,525$5,426 plus 22% of the excess over $47,150$ 100,525$ 191,950$17,168.50 plus 24% of the excess over $100,525$ 191,950$ 243,725$39,110.50 plus 32% of the excess over $191,950$ 243,725$ 609,350$55,678.50 plus 35% of the excess over $243,725$ 609,350$183,647.25 plus 37% of the excess over $609,350
Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
If taxable income is over:But not over:The tax is:$ 0$ 23,20010% of taxable income$ 23,200$ 94,300$2,320 plus 12% of the excess over $23,200$ 94,300$ 201,050$10,852 plus 22% of the excess over $94,300$ 201,050$ 383,900$34,337 plus 24% of the excess over $201,050$ 383,900$ 487,450$78,221 plus 32% of the excess over $383,900$ 487,450$ 731,200$111,357 plus 35% of the excess over $487,450$ 731,200$196,669.50 plus 37% of the excess over $731,200
Schedule Z-Head of Household
If taxable income is over:But not over:The tax is:$ 0$ 16,55010% of taxable income$ 16,550$ 63,100$1,655 plus 12% of the excess over $16,550$ 63,100$ 100,500$7,241 plus 22% of the excess over $63,100$ 100,500$ 191,950$15,469 plus 24% of the excess over $100,500$ 191,950$ 243,700$37,417 plus 32% of the excess over $191,950$ 243,700$ 609,350$53,977 plus 35% of the excess over $243,700$ 609,350$181,954.50 plus 37% of the excess over $609,350
Schedule Y-2-Married Filing Separately
If taxable income is over:But not over:The tax is:$ 0$ 11,60010% of taxable income$ 11,600$ 47,150$1,160 plus 12% of the excess over $11,600$ 47,150$ 100,525$5,426 plus 22% of the excess over $47,150$ 100,525$ 191,950$17,168.50 plus 24% of the excess over $100,525$ 191,950$ 243,725$39,110.50 plus 32% of the excess over $191,950$ 243,725$ 365,600$55,678.50 plus 35% of the excess over $243,725$ 365,600$98,334.75 plus 37% of the excess over $365,600
Tax Rates for Net Capital Gains and Qualified Dividends
Rate*Taxable IncomeMarried Filing JointlyMarried Filing SeparatelySingleHead of HouseholdTrusts and Estates0%$0- $94,050$0- $47,025$0- $47,025$0- $63,000$0- $3,15015%$94,051- $583,750$47,026- $291,850$47,026- $518,900$63,001- $551,350$3,151- $15,45020%$583,751+$291,851+$518,901+$551,351+$15,451+

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