am. 72. Jeremy (unmarried) earned $109,000 in salary and $6,450 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 $32,540 in itemized deductions. (Usethe tax rate schedules, Tax rates for Net Capital Gains and Qualified Dividends.)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 $4,180. What is Jeremy's tax refundor tax due including the tax on the capital gain?c. Assume the original facts except that Jeremy has only $7,900 in itemized deductions. What is Jeremy's tax refund ortax due?

The tax refund or taxes due is the amount which is determined after the tax due for the year is…

Answered: a. Determine Jeremy's tax refund or…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 22P

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Similar questions

Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.
Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7,500. If Otto and Monica's taxable income for the current year is $47,800 determine the amount of their AMTI. _______________________________________________________________________

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