Question: Jeremy ( unmarried ) earned $ 1 0 1 , 9 0 0 in salary and $ 7 , 9 0 0 in interest income

Jeremy (unmarried) earned $101,900 in salary and $7,900 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 $24,900 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.)
Required:
a) Determine Jeremy's tax refund or taxes due
b) Assume that in addition to the original facts, Jeremy has a long-term capital gain of $13,050. 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.
c) Assume the original facts except that Jeremy has only $4,500 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due?
PLEASE ANSWER ASAP THANKS!
2022 Tax Rate Schedules
Individuals
Schedule X-Single
\table[[If taxable income is over:,But not over:,The tax is:],[$,$10,275,10% of taxable income],[$10,275,$41,775,$1,027.50 plus 12% of the excess over $10,275
 Jeremy (unmarried) earned $101,900 in salary and $7,900 in interest income

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!