Homework Help is Here – Start Your Trial Now!
Business
Accounting
income taxes

income taxes

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Cc.28.

 

es Jeremy (unmarried) earned $100,100 in salary and $6,100 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 $23,100 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 $4,050. 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 $8,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due? Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,050. 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. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due Amount $ 110,250 Reton to qu $ 110,250 19,400 23,100 23,100 $ 87,150 $ 13,898 2,000 10,000 399
Transcribed Image Text:es Jeremy (unmarried) earned $100,100 in salary and $6,100 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 $23,100 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 $4,050. 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 $8,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due? Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,050. 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. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due Amount $ 110,250 Reton to qu $ 110,250 19,400 23,100 23,100 $ 87,150 $ 13,898 2,000 10,000 399
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS