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Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld...

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Finance

Jeremy earned $100,000 in salary and $6,000 in interest incomeduring the year. Jeremy’s employer withheld $11,000 of federalincome taxes from Jeremy’s paychecks during the year. Jeremy hasone qualifying dependent child who lives with him. Jeremy qualifiesto file as head of household and has $23,000 in itemizeddeductions.

Determine Jeremy’s tax refund or taxes due.

Answer & Explanation Solved by verified expert
3.5 Ratings (453 Votes)

Answer :-
Taxable income Slab Rate
0-9700 10%
9701- 39475 12%
39476-84200 22%
Salary 100000
Interest Income 6000
Withhold Tax by Employer 11000
Deductions 23000
Total Income 106000
Deduction 23000
Net Income 83000
Total tax Liability
Taxable income Slab Taxable Income Tax Liability
0-9700 9700                     970
9701- 39475 29775                 3,573
39476-84200 43525                 9,576
Total 83000               14,119
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