Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated tax liability of $40,000. During 2020 he worked as an electrician and had $15,000 withheld from his wages for federal income tax and $2,000 for his portion of social security and Medicare taxes. He also made estimated tax payments of $10,000 during the year. He also has a 19 year old Daughter, Sophia, who meets all of the requirements of a qualifying child for dependent purposes. Sophia is a full time student in her junior year at UCR. Ted spends $6,000 on tuition, books and other course materials for Sophia during 2020.
Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated tax liability of $40,000. During 2020 he worked as an electrician and had $15,000 withheld from his wages for federal income tax and $2,000 for his portion of social security and Medicare taxes. He also made estimated tax payments of $10,000 during the year. He also has a 19 year old Daughter, Sophia, who meets all of the requirements of a qualifying child for dependent purposes. Sophia is a full time student in her junior year at UCR. Ted spends $6,000 on tuition, books and other course materials for Sophia during 2020.
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 20P: Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the...
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What is Ted’s net amount due/ (refunded) for 2020?
![Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated tax
liability of $40,000. During 2020 he worked as an electrician and had $15,000 withheld from his wages
for federal income tax and $2,000 for his portion of social security and Medicare taxes. He also made
estimated tax payments of $10,000 during the year.
He also has a 19 year old Daughter, Sophia, who meets all of the requirements of a qualifying child for
dependent purposes. Sophia is a full time student in her junior year at UCR. Ted spends $6,000 on tuition,
books and other course materials for Sophia during 2020.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec4def34-9bd3-46b2-b4bb-2cf34ee2c336%2Ff211ba83-71e8-42e6-84af-954c00f1ae01%2Fhnqu5i_processed.png&w=3840&q=75)
Transcribed Image Text:Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated tax
liability of $40,000. During 2020 he worked as an electrician and had $15,000 withheld from his wages
for federal income tax and $2,000 for his portion of social security and Medicare taxes. He also made
estimated tax payments of $10,000 during the year.
He also has a 19 year old Daughter, Sophia, who meets all of the requirements of a qualifying child for
dependent purposes. Sophia is a full time student in her junior year at UCR. Ted spends $6,000 on tuition,
books and other course materials for Sophia during 2020.
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