Jeremy (unmarried) earned $100,000 in salary and $6,000 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 $23,000 in itemized deductions

Jeremy (unmarried) earned $100,000 in salary and $6,000 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 $23,000 in itemized deductions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jeremy (unmarried) earned $100,000 in salary and $6,000 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 $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) 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 $4,000. What is Jeremy's tax refund or tax due including the tax on the capital gain? Assume the original facts except that Jeremy has only $7,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due?
Chester is single and paid the following items / taxes in 2020: • Paid $ 6,100 to his township for real estate taxes on his condo.• Paid $ 4,800 in association fees to the condo association on his condo.• Chester had $ 1,000 withheld from his pay for NJ State Income taxes.• Chester had $ 3,600 withheld from his pay for social security taxes.• Chester was assessed $ 1,400 by the state of New Jersey to settle an audit of his 2018 State Income Tax return. $ 1,075 was for additional 2018 state income tax and $ 325 was for interest and penalties. Chester paid the $ 1,400 in October of 2020.• Chester paid $ 1,650 in NJ Sales taxes. How much taxes may Chester deduct as an itemized deduction for taxes in 2020?
Martin is a single taxpayer living in Seattle, Washington, with adjusted gross income for the 2020 tax year of $59,000. Martin 's employer withheld $3,100 in state income tax from his salary. In April of 2020, he paid $250 in additional state taxes for his prior year's return. The real estate taxes on his home are $1,750 for 2020 and his personal property tax based on the value of his automobile is $85. Also, he paid $315 for state gasoline taxes for the year. The IRS estimate of general sales tax for Martin is $2,460 for 2020. How much should Martin deduct on Schedule A of Form 1040 of his 2020 tax return for taxes paid?
Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made contributions of $2,300 to a tax-deferred retirement account. Paige has 4 dependents and files as head of household.What is Paige's total income?What is Paige's adjusted gross income?For Paige's filing status, the standard deduction is $18,000. What is Paige's taxable income?
Jeremy (unmarried) earned $100,000 in salary and $6,000 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. Jeremey qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. Determine the amount Jeremy’s taxes due.
Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2021 they have a total of $42,000 in wages and $300 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $6,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 a. What is the amount of Rahul and Ruby's adjusted gross income?
Jeremy (unmarried) earned $100,700 in salary and $6,700 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 $23,700 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) 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 $7,050. 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. Assume the original facts except that Jeremy has only $5,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due?
Sheila and Joe Wells are married with no dependent children. During 2021, they have gross income of $159,800, deductions for AGI of $5,500, and itemized deductions of $10,000. The Wells had $22,000 withheld by their employer for federal income tax. They have a tax (due/refund) of $