1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vilka [71]
3 years ago
11

Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,000 of federal in

come 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 $23,000 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?
Business
2 answers:
Nitella [24]3 years ago
7 0

Answer:

Explanation:

It is explained in that file attached below

Download docx
Alenkinab [10]3 years ago
4 0

Answer:

Answer is explained below.

Explanation:

Description                                       Amount      Computation

(1)Gross Income                               $106,000 $100,000 Salary+ $6000 Interest income                                                                

(2)For AGI Deductions                             0  

(3)Adjusted Gross Income                $106,000 (1) - (2)

(4)Standard Deduction                           $18350        Head of Household

(5)Itemized deductions                            $7,000  

(6)Greater of standard deduction            ($18350) (5)<(4)

and itemized deductions

(7)Taxable Income                                      $87650 (3) + (6)

(8)Income Tax liability                                $13,790  ($87,650                          -$84,200)×24%+$12,962(See tax rate schedule for head of household)

(9)Child Tax credit                                    ($2000)  

(10)Tax withholding                               ($11000)  

Income Tax liability                                $790 (8) + (9) + (10)

You might be interested in
This graph shows the market for pollution when permits are issued to firms and traded in the marketplace. The equilibrium number
DiKsa [7]
Please attach the graph if you can. Otherwise, I cannot answer this question
8 0
3 years ago
Fixed overhead​ costs: A. never have any unused capacity B. should be unitized for planning purposes C. are unaffected by the de
d1i1m1o1n [39]

Answer:

C. are unaffected by the degree of operating efficiency in a given budget period.

Explanation:

Fixed over head costs or indirect costs are cost that do not vary with the level of out put. They are essential cost required to manage a business.

These costs are the same months by Months and are needed for the smooth running of the business. They are also unaffected by the degree of operating efficiency in a given budget period.

Examples of fixed overhead are rents, salaries, depreciation , insurance and taxes. It should however be noted that if there is an increase in sales compared to the budgeted sales of the company, there could be an increase in fixed overhead cost due to additional employees and administrative staff.

4 0
3 years ago
A formal way to ensure customer requirements are factored into the product and service development process is:
enyata [817]
It is Quality Function Deployment or QFD. It is a structured approach to defining customer needs or requirements and translating them into specific plans to produce products to meet those needs. The “voice of the customer” is the term to describe these stated and unstated customer needs or requirements.
8 0
3 years ago
Radek Company estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged cat
stepladder [879]

Answer:

the  bad debt expense that reported in the income statement is  $2,300

Explanation:

The computation of the bad debt expense that reported in the income statement is as follows;

= Total estimated uncollectible accounts - unused balance

= $3,200 - $900

= $2,300

Hence, the  bad debt expense that reported in the income statement is  $2,300

7 0
2 years ago
An increase in the reserve requirement _____. rev: 06_20_2018 Multiple Choice increases the money supply by decreasing excess re
Jlenok [28]

Answer:

decreases the money supply by decreasing excess reserves and decreasing the monetary multiplier

Explanation:

If there is increased in the reserve requirement so there is also increase the credit cost but it would lead to a decrease in money supply through the decrease in excess reserves that result into reduction in money multiplier also there is the reduction of loan activity  

Therefore the third option is correct

4 0
3 years ago
Other questions:
  • What is the meaning of deplation​
    10·1 answer
  • Approximately what percent of regular army soldiers (excluding army reserves and national guard) currently serve in infantry uni
    13·1 answer
  • When working on a major project which is not a good step for keeping the overall scope in mind
    6·2 answers
  • Bypassing regular sales channels in favor of Internet retailing can have strong appeal if it A. D) includes partnering rather th
    6·1 answer
  • Explain whether you agree or disagree with the following statement.
    15·1 answer
  • The corporate website of a company is established with an intention to: a. provide a transaction gateway for goods and services.
    14·1 answer
  • Ferkil Corporation manufacturers a single product that has a selling price of $25.00 per unit. Fixed expenses total $65,000 per
    10·1 answer
  • Taylor has a retirement account that pays 4% per year compounded monthly. Every month for 20 years, Taylor deposits $444, with t
    8·1 answer
  • An investor believes that there will be a big jump in a stock price, but is uncertain as to the direction. Identify six differen
    12·1 answer
  • WHAT IS A Parliamentary System ABOUT
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!