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Jeremy earned $100,300 in salary and $6,300 in interest income during the year. Jeremy's employer withheld $11,200 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 household and has $23,700 in itemized deductions. (Use the tax rate schedules.) Problem 4-28 Part-a a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGl 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 b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $5,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? Description Amount (1) Gross income (2) For AGl 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 (9) Greater of standard deduction or itemized deductions (10) Lesser of standard deduction or itemized deductions Taxes due Taxes refund 2018 Tax Rate Schedules Individuals Schedule X-Single Schedule Z-Head of Household If taxable Income is over: If taxable Income is over: But not But not The tax is: The tax is: over: over: 0 $ 9,525 10% of taxable income $952.50 plus 12% of the excess over $9,525 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% of the excess over $500,000 0 $ 1 3,600 $ 9,525 $ 38,700 $ 82,500 $157.500 $200,000 500,000 $.38,700 $ 82,500 $157,500 $200.000 $500,000 $. 13,600 $ 51.800 $ 82,500 $157.500 $200,000 $500,000 $ 51,800 $ 82.500 $157,500 $200.000 $500,000 10% of taxable income $1,360 plus 12% of the excess over $13,600 $5,944 plus 22% of the excess over $51,800 $ 12,698 Plus 24% of the excess over $82,500 $30,698 Plus 32% of the excess over $157,500 $44,298 plus 35% of the excess over $200,000 $149,298 plus 37% of the excess over $500,000 - Schedule Y-1-Married Filing Jolntly or Qualifying Widow(er) Schedule Y-2-Married Fling Separately If taxable income is over: But not If taxable income is over: But not over: The tax is: over: The tax is: 0 $ 9,525 10% of taxable income $952.50 plus 12% of the excess over $9,525 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157.500 $45,689.50 plus 35% of the excess over $200,000 $80,689.50 ous 37% of the excess over $300,000 0 $. 1 9,050 $. 19,050 $. 77,400 $165,000 $315,000 $400,000 $600,000 $. 77,400 $165,000 $315,000 $400,000 $600,000 10% of taxable income $1,905 plus 12% of the excess over $19.050 $8,907 plus 22% of the excess over $77,400 $28,179 plus 24% of the excess over $165,000 $64,179 plus 32% of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $161,379 plus 37% of the excess over $600,000 $ 9,525 $. 38,700 $. 82,500 $157,500 $200,000 $300,000 $38,700 $ 82,500 $157,500 $200,000 $300,000

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