Juan earned $100,800 in salary and $6,800 in interest income during the year. Juans employer...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Juan earned $100,800 in salary and $6,800 in interest income during the year. Juans employer withheld $11,000 of federal income taxes from Juans paychecks during the year. Juan has one qualifying dependent child who lives with him. Juan qualifies to file as head of household and has $26,200 in itemized deductions. (Use the tax rate schedules.)
a. Determine Juans tax refund or taxes due.
groo
ss income
for AGI
adjusted gross income
standard deduction
itemized deduction
greater of standard deductions or itemized
taxable income
income tax liability
child tax credit
tax withholding
due
b. Assume that in addition to the original facts, Juan has a long-term capital gain of $7,550. What is Juans tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.