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HW 4 Questions and Correct Answers/
Latest Update / Already Graded
Jeremy earned $100,800 in salary and $6,800 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
household and has $26,200 in itemized deductions. (Use the tax rate
schedules.)
c. Assume the original facts except that Jeremy has only $7,000 in
itemized deductions. What is Jeremy's tax refund or tax due?
Ans: chart fill in
Determine Jeremy's tax refund or taxes due (assume Jeremy did
not receive the recovery rebate in advance of filing his tax
return).
GI 107600
For AGI 0
SD 18,650
ID 26,200
Greater? 26,200
Tax. Income 81,400
Income tax lia. 12,256
credits (2,000)
Tax withholdings (11,000)
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tax refund/due? refund 744
C. 986
Emily, who is single, has been offered a position as a city landscape
consultant. The position pays $145,400 in cash wages. Assume Emily
has no dependents. Emily deducts the standard deduction instead of
itemized deductions, and she is not eligible for the qualified business
income deduction. (Use the tax rate schedules.)
a. What is the amount of Emily's after-tax compensation (ignore
payroll taxes)
Ans: GI 145,400
For AGI 0
AGI 145,000
SD 12,400
Taxable income 133,000
tax liability 26,000
after tax compensation 119,400 ( 145400-26,000)
Emily, who is single, has been offered a position as a city landscape
consultant. The position pays $145,400 in cash wages. Assume Emily
has no dependents. Emily deducts the standard deduction instead of
itemized deductions, and she is not eligible for the qualified business
income deduction. (Use the tax rate schedules.)
All rights reserved © 2025/ 2026 |
HW 4 Questions and Correct Answers/
Latest Update / Already Graded
Jeremy earned $100,800 in salary and $6,800 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
household and has $26,200 in itemized deductions. (Use the tax rate
schedules.)
c. Assume the original facts except that Jeremy has only $7,000 in
itemized deductions. What is Jeremy's tax refund or tax due?
Ans: chart fill in
Determine Jeremy's tax refund or taxes due (assume Jeremy did
not receive the recovery rebate in advance of filing his tax
return).
GI 107600
For AGI 0
SD 18,650
ID 26,200
Greater? 26,200
Tax. Income 81,400
Income tax lia. 12,256
credits (2,000)
Tax withholdings (11,000)
All rights reserved © 2025/ 2026 |
, Page |2
tax refund/due? refund 744
C. 986
Emily, who is single, has been offered a position as a city landscape
consultant. The position pays $145,400 in cash wages. Assume Emily
has no dependents. Emily deducts the standard deduction instead of
itemized deductions, and she is not eligible for the qualified business
income deduction. (Use the tax rate schedules.)
a. What is the amount of Emily's after-tax compensation (ignore
payroll taxes)
Ans: GI 145,400
For AGI 0
AGI 145,000
SD 12,400
Taxable income 133,000
tax liability 26,000
after tax compensation 119,400 ( 145400-26,000)
Emily, who is single, has been offered a position as a city landscape
consultant. The position pays $145,400 in cash wages. Assume Emily
has no dependents. Emily deducts the standard deduction instead of
itemized deductions, and she is not eligible for the qualified business
income deduction. (Use the tax rate schedules.)
All rights reserved © 2025/ 2026 |
