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Jeremy earned $100,000 in salary and $6,000 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 $17,000 in itemized deductions. Neither of his dependents qualifies for the child tax credit. (Use the tax rate schedules.) a. Use the 2012 tax rate schedules to determine Jeremy's taxes due. (Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values. Do not round intermediate calculations. Round final answers to the nearest whole dollar amount.) Description Amount

(1) Gross income $

(2) For AGI deductions

(3) Adjusted gross income $

(4) Standard deduction

(5) Itemized deductions

(6) of standard deductions or itemized deductions

(7) Personal and dependency exemptions

(8) Taxable income $ Income tax liability $

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9981882

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