The question is Assume the original facts from the question except that now Jere

Question

The question is Assume the original facts from the question except that now Jeremy has only $7000 in itemized deductions instead of the $28,200 he had in the original question. Everything stays the same but his itemized deduction is changed to &7000. What is Jeremy’s tax refund or tax due?
Thanks Jeremy earned $101,200 in salary and $7.200 in interest income during the year. Jeremy's employer withheld $11,200 of fed eral 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 household and has $28,200 in itemized deductions. (Use the tax rate schedules) c. Assume the original facts except that Jeremy had only $7,000 in itemized deductions. What is Jeremy's tax refund or tax due? Description Amount (1) Gross income (2) |For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding

Explanation / Answer

Solution :-

(C).

= $101,200 + 7,200

= $108,400

= 108,400 - 0

= $108,400

=( 108,400 - 28,200 - 7,200 -28,200 )

= $44,800

Note:- iam little bit confused about last three bits that's why iam not completed those three .if you need full answer please upload again .please don't give thumb down.

THANK YOU.

number Description Amount 1. Gross income

= $101,200 + 7,200

= $108,400

2. For AGI deductions $0 3. Adjusted gross income = gross income - AGI deduction

= 108,400 - 0

= $108,400

4. Standard deduction $ 28,200 5. Itemized deduction $7,000 6. Greater of std.deduction or itemazed standard deduction $28,200 7. Taxable income = (adjusted gross income - greater of stndard deduction - interest rate - standard deduction )

=( 108,400 - 28,200 - 7,200 -28,200 )

= $44,800

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