Saji and Henry Lozano are married for all of 2022 and have an AGI of $130,000,...

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Saji and Henry Lozano are married for all of 2022 and have an AGI of $130,000, taxable income of $120,000 and calculated income tax liability of $50,000. Their income tax liability in 2021 was $40,000, and they made the minimum amount of withholding and estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition, they had $5,700 withheld from their wages for their portion of Social Security and Medicare taxes and provided you with the following information: • They maintained a home for Saji's dependent 85 year old father. • Henry spent $2,000 on qualified tuition pursuing his master's degree. Required: What is the Lozano's net tax due(refunded) for 2022? Ted and Julia Higgins are married for all of 2022 with an AGI of $175,000 which includes $25,000 of earned income for Ted and $100,000 of earned income for Sophia. Their taxable income is 145,000 and tax liability is $20,000. They have two children, Bryan and Sophia, who meet all of the requirements of a qualifying child for 2022. Bryan is 12 and attends high school full time. The Higgins spend $10,000 during 2022 on child care for Bryan. Sophia is a full-time student in her junior year at UCR. The Higgins spend $6,000 on tuition, books and other course materials for Sophia during 2022. Required: What is the total amount of tax credits that the Higgins' can report on their tax return? Saji and Henry Lozano are married for all of 2022 and have an AGI of $130,000, taxable income of $120,000 and calculated income tax liability of $50,000. Their income tax liability in 2021 was $40,000, and they made the minimum amount of withholding and estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition, they had $5,700 withheld from their wages for their portion of Social Security and Medicare taxes and provided you with the following information: • They maintained a home for Saji's dependent 85 year old father. • Henry spent $2,000 on qualified tuition pursuing his master's degree. Required: What is the Lozano's net tax due(refunded) for 2022? Ted and Julia Higgins are married for all of 2022 with an AGI of $175,000 which includes $25,000 of earned income for Ted and $100,000 of earned income for Sophia. Their taxable income is 145,000 and tax liability is $20,000. They have two children, Bryan and Sophia, who meet all of the requirements of a qualifying child for 2022. Bryan is 12 and attends high school full time. The Higgins spend $10,000 during 2022 on child care for Bryan. Sophia is a full-time student in her junior year at UCR. The Higgins spend $6,000 on tuition, books and other course materials for Sophia during 2022. Required: What is the total amount of tax credits that the Higgins' can report on their tax return?

Answer rating: 100% (QA)

1 The Lozanos net tax due or refund for 2022 is as follows Income Tax Liability 50000 Withholding an... View the full answer