FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Fringe Benefit Tax
Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the…
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Problem 5: Calculate net tax due Saji and Henry Lozano are married for all of 2023 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 2022 was $40,000 (And 2022 AGI was $125,000), 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. • They have one child, Joshua, who is 15 years old and meets the requirements of a qualifying child. During the year they spend $10,000 on a nanny to watch him while they are both at work (you can assume they make equal amounts of earned income). Required: What is the Lozano's net tax due(refunded) for 2023?
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Transcribed Image Text:Problem 5: Calculate net tax due Saji and Henry Lozano are married for all of 2023 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 2022 was $40,000 (And 2022 AGI was $125,000), 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. • They have one child, Joshua, who is 15 years old and meets the requirements of a qualifying child. During the year they spend $10,000 on a nanny to watch him while they are both at work (you can assume they make equal amounts of earned income). Required: What is the Lozano's net tax due(refunded) for 2023?
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