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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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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?
Transcribed Image Text: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 3: Calculate Tax Liability Andrew Golden works as a personal secretary for Jackson Worldwide. During 2022 he reports taxable income of $300,000 which can be broken down into the following sources: . $250,000 of wage income . $20,000 of self-employment income from his side-job as a boomer consultant. . $30,000 of long-term capital gains. Andrew is married to Godfrey who worked as a Tik-Tok influencer for all of 2022. They choose to file separately each tax year. Required: What is Andrew's total income tax liability for 2022?
Transcribed Image Text:Problem 3: Calculate Tax Liability Andrew Golden works as a personal secretary for Jackson Worldwide. During 2022 he reports taxable income of $300,000 which can be broken down into the following sources: . $250,000 of wage income . $20,000 of self-employment income from his side-job as a boomer consultant. . $30,000 of long-term capital gains. Andrew is married to Godfrey who worked as a Tik-Tok influencer for all of 2022. They choose to file separately each tax year. Required: What is Andrew's total income tax liability for 2022?
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