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Jeremy earned $100,000 is salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of the household and has $23,000 in itemized deductions. 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?

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Answer:

Follows are the solution to this question:

Explanation:

Points      Description              Amount                        Computation

(1) Major Revenue                          $110,000            [tex]\$ 100,000 \ salary + \$ 6,000 \\ \\Interest \ income + \$4,000 \\\\ \text{ capital gain in long term}[/tex]

(2) AGI allowance                   0  

(3) Gross sales adjusted                $110,000                 (1) - (2)

(4) Deduction norm                         18,350          Chief of Household

(5) susceptible to deductions        23,000  

(6) Enhanced standard                        (23,000)                    (5) > (4)

   deduction or individualized

       deductions

(7) Taxable Revenue                        $87,000  

(8) Response for                                 $13,298          [tex][(83,000 - 52,850) \times[/tex]

    incoming taxes                                                   [tex]22\%+ \$6,065] + \$4000\times 15\%[/tex]

                                                                              (See the household head tax

                                                                                     plan)

(9)  Allowance for children's taxes      (2,000)  

(10)  Withdrawal of tax                          (11,000)  

Taxes due                                            $ 298                      (8) + (9) + (10)

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