Problem 4: Calculate net tax due Saji and Henry Lozano are married for all of 2022 and have an AGI of $165,000, taxable income of $100,000 and calculated income tax liability of $51,000. Their income tax liability in 2021 was $50,000, and they made the minimum amount of estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition they had $3,700 withheld from their wages for their portion of Social Security and Medicare taxes. Finally, they provided you with the following information: . They maintained a home for Saji's dependent 89 year old father. . Henry spent $9,000 on qualified tuition pursuing his master's degree. Required: What is the Lozano's net tax due(refunded) for 2022?

Problem 4: Calculate net tax due Saji and Henry Lozano are married for all of 2022 and have an AGI of $165,000, taxable income of $100,000 and calculated income tax liability of $51,000. Their income tax liability in 2021 was $50,000, and they made the minimum amount of estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition they had $3,700 withheld from their wages for their portion of Social Security and Medicare taxes. Finally, they provided you with the following information: . They maintained a home for Saji's dependent 89 year old father. . Henry spent $9,000 on qualified tuition pursuing his master's degree. Required: What is the Lozano's net tax due(refunded) for 2022?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 40P

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