A jeremy earned 220000 in salary and 3000 in interest, Ask an Expert

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a. Jeremy earned $220,000 in salary and $3,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $18,500 in itemized deductions. Neither of his dependents qualifies for the child tax credit.

you found income tax liability so,

besides this information

b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $10,500. What is Jeremy’s tax liability including the tax on the capital gain?

c. Assume the original facts except that Jeremy had only $5,000 in itemized deductions. What is Jeremy’s total income tax liability?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92020035

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