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What is jeremys total income tax liability

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Reference no: EM131883586

Problem

Jeremy earned $280,000 in salary and $7,000 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 21,500 in itemized deductions. Neither of his dependents qualifies for the child tax credit.

a. Use the 2017 tax rate schedules to determine Jeremy's taxes due.

b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $ 13,500. What is Jeremy's tax liability including the tax on th capital gain?

c. Assume the original facts expect that Jeremy had only %7,500 in itemized deducations. What is Jeremy's total income tax liability?

Reference no: EM131883586

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